CHICAGO (AP) _ Grain and soybean prices finished mixed Wednesday on the Chicago Board of Trade, rebounding somewhat after initially diving on word from the U.S. Department of Agriculture of bumper crops and abundant supplies.
Wheat was the big decliner, falling after the USDA reported a significant increase in U.S. and world stocks of the grain.
Corn recovered to settle minimally higher for the day after plunging in response to the government’s assessment that the corn crop is expected to rise nearly 3 percent this year, to just over 10 billion bushels. Investors deemed the market oversold after the price fell to new contract lows.
Soybeans closed higher after falling early in the session. The Department of Agriculture reported no change in its forecast of U.S. soybean yields.
Wheat for September delivery fell 3 3/4 cents to $2.52 1/2 a bushel; December corn rose 3/4 cent to $1.97 1/2 a bushel; September oats fell 1 cent to $1.05 1/2 a bushel; November soybeans rose 5 1/4 cents to $4.63 a bushel.
Beef futures were mixed on the Chicago Mercantile Exchange, while pork futures were sharply lower.
August live cattle fell .12 cent to 67.05 cents a pound; August feeder cattle rose .02 cent to 87.77 cents a pound; August lean hogs fell the limit 2 cents to 65.75 cents a pound; August pork bellies fell the limit 3 cents to 84.90 cents a pound.