MARKET PERSPECTIVE Sears [title]COMMODITIES; Cattle Futures Prices Up; Slaughters Down by 8%[/title]
On the Coffee, Sugar and Cocoa Exchange in New York, cocoa rose almost as much as it is allowed to in a day's trading. Traders were said to be buying contracts in anticipation that the International Cocoa Organization's meeting next week may lead to a program for refinancing the cocoa price support agreement. Organization stockpiling so far has not propped up prices as producing nations had hoped and more money is needed to buy the cocoa and keep it off the market. Grain and soybean futures prices closed lower after a brief rally attributed to Thursday's Agriculture Department crop production estimates. Traders said the Government projections - a slight increase in this fall's corn harvest and a decrease for soybeans - were psychologically constructive for prices because the figures were on the low side of market expectations.
Full text: New York Times, Nov 14, 1981
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