Corn, Soybeans Sink on Wet Midwest Outlook; Wheat Edges Higher
CHICAGO (AP) _ Corn and soybean futures prices weakened Monday on the Chicago Board of Trade amid forecasts for warm, rainy weather this week in the Midwest.
Wheat futures opened lower but ended higher as traders focused on strong export demand prospects and shrinking global wheat stocks.
The Midwestern weather outlook promises ideal growing conditions for corn and soybeans this week. Some meteorologists foresee extremely hot temperatures by this weekend, but those forecasts were not unanimous.
``The market could not decide with any degree of certainty how hot it’s going to get this weekend, but there were rains last weekend and more coming this week, and that kind of put a cap on things,″ said Joel Karlin, research analyst with Kemper Securities Inc.
Wheat edged to a new 14-year high on signs of strong export demand despite the Agriculture Department’s stingier attitude toward export subsidies.
Wheat for September delivery rose 1/4 cent to $4.78 a bushel; September corn slipped 1/2 cent to $2.93 a bushel; September oats rose 2 1/4 cents to $1.75 a bushel; August soybeans fell 5 1/2 cents to $6.25 1/2 a bushel.
Cattle futures retreated on the Chicago Mercantile Exchange after a USDA report showed more cattle being fattened for slaughter on feed lots than traders expected. The report was released Friday after trading ended.
Hog futures ended mixed.
Live cattle for August delivery fell 0.60 cent to 62.42 cents a pound; August feeder cattle fell 0.35 cent to 66.10 cents a pound; August live hogs rose 0.47 cent to 47.62 cents a pound; August frozen pork bellies rose 0.12 cent to 38.47 cents a pound.