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Wheat mixed; corn, soybeans lower

March 18, 1997

CHICAGO (AP) _ Corn and soybean futures prices were on the retreat early today on the Chicago Board of Trade, while wheat futures were mixed.

Corn and soybean futures prices were pressured by foreign competition for exports. Investors said Chinese corn has become more attractive for those seeking to buy, while U.S. corn above $3 a bushel was seen as a hindrance to sales.

Soybean futures were pressured by active harvesting in Brazil, the world’s second-largest producer and a lack of fresh buying interest.

Wheat futures recovered slightly from losses on Monday. The Agriculture Department says the winter wheat crop is in good condition and flooding in some spring wheat areas was receding.

Wheat for May delivery rose 1 1/2 cents to $3.82 1/2 a bushel; May corn fell 3 1/2 cents to $3.03 1/4 a bushel; May oats fell 1 3/4 cents to $1.72 a bushel; May soybeans fell 4 cents to $8.21 a bushel.

Meat and livestock futures prices were mostly lower on the Chicago Mercantile Exchange.

April live cattle fell .47 cent to 68.60 cents a pound; March feeder cattle rose .20 cent to 68.20 cents a pound; April lean hogs fell .25 cent to 70.12 cents a pound; May frozen pork bellies fell .32 cent to 76.90 cents a pound.

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