Grains, Soybeans Advance On Bad Weather
Oct. 23, 1996
CHICAGO (AP) _ Grain and soybean futures prices were higher early today on the Chicago Board of Trade amid continued harvest delays and speculation that export demand has strengthened.
Soybean futures led the rally on rumors China is actively seeking soybean meal at a time when supplies are extremely tight. While investors expect the nation's farmers to harvest the second largest crop ever, inclement weather in the Midwest is delaying that. And what little has been harvested hasn't been sold as farmers await higher prices.
Corn futures prices rose as rainy weather kept farmers from harvesting and on rumors Taiwan is seeking to buy corn this week.
Wheat futures rose mainly on the rally in the corn and soybean complexes.
Wheat for December delivery rose 2 cents to $4.01 1/2 a bushel; December corn rose 2 cents to $2.81 1/2 a bushel; December oats rose 1/4 cent to $1.76 a bushel; November soybeans rose 4 1/2 cents to $6.93 1/2 a bushel;
Meat and livestock futures prices rose on the Chicago Mercantile Exchange.
December live cattle rose .85 cent to 65.95 cents a pound; November feeder cattle rose .35 cent to 63.55 cents a pound; December live hogs rose .05 cent to 52.15 cents a pound; February frozen pork bellies rose 1.13 cents to 67.80 cents a pound.