Grains and Soybeans Futures Bounce on Bargain Hunting
CHICAGO (AP) _ Grains and soybeans futures prices rose Monday on the Chicago Board of Trade as investors shopped for bargains after a recent spell of good pollination weather pushed prices down.
Analysts said prices had fallen too far too quickly after two weeks of rain and cooler temperatures. The weather boosted pollination and sent corn futures prices down 18 percent and soybean prices 9 percent lower.
Prices also were boosted Monday by a National Weather Service forecast that warm weather now needed to help crops grow would evade Midwestern fields, said analyst Marty Colgan at LFG LLC, a commodity broker in Chicago.
Wheat futures rose because the grain had gotten too cheap but also because Egypt is believed to have bought 110,000 tons of wheat, said analyst Gerald Zusel at E.D. & F. Man International Futures Inc. in Chicago.
Corn for September delivery rose 9 1/4 cents to $3.59 1/4 a bushel; August soybeans gained 6 cents to $7.69 1/4 a bushel; September wheat rose 9 1/4 cents to $4.43 3/4 a bushel; September oats rose 4 1/2 cents to $1.94 a bushel.
Livestock prices were mostly higher on the Chicago Mercantile Exchange.
August live cattle rose .03 cent to 65.40 cents a pound; August feeder cattle gained .6 cent to 61.77 cents a pound; August live hogs fell .18 cent to 59.92 cents a pound, and August frozen pork bellies rose the 2-cent limit to 91.75 cents a pound on ideas of low supplies.