Wheat Futures Droop on Export Disappointment
CHICAGO (AP) _ Wheat futures prices drooped Wednesday on the Chicago Board of Trade amid disappointing export demand signals. Corn and soybean futures also fell; oats rose.
Wheat stumbled on news that Pakistan was seeking 200,000 metric tons of wheat from Australia in addition to 200,000 metric tons of U.S. wheat.
``There was an assumption that the entire amount would be U.S. wheat,″ said Prudential Securities grain analyst Susan Leighty.
``Call it a sign of the times,″ she said. ``Australia is harvesting a new crop, so there are fresh supplies.″
The news heaped distress on a market already depressed by the lack of confirmed wheat sales to China and Egypt that were rumored last week.
Wheat futures reached a 15-year high of $5.11 1/2 a bushel Oct. 20, but have retreated as new supplies from the Southern Hemisphere have arrived.
Wheat for December delivery sank 6 1/4 cents to $4.84 1/4 a bushel; December corn fell 1 cent to $3.20 3/4 a bushel; December oats rose 1 1/2 cents to $2.02 a bushel; January soybeans slid 2 cents to $6.74 3/4 a bushel.
Live cattle futures continued to weaken on the Chicago Mercantile Exchange in anticipation of lower beef demand during Thanksgiving week.
Hogs ended mixed and pork bellies slipped on expectations pork demand will remain soft next week.
Live cattle for December delivery fell 0.23 cent to 68.57 cents a pound; January feeder cattle fell 0.15 cent to 65.45 cents a pound; December live hogs rose 0.02 cent to 44.32 cents a pound; February frozen pork bellies fell 0.77 cent to 57.35 cents a pound.