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Wheat Down Close to Contract Lows

March 20, 1998

CHICAGO (AP) _ Wheat futures prices slipped close to contract lows and other grains and soybeans also declined Friday at the Chicago Board of Trade.

The May wheat delivery slumped to $3.27 a bushel, only 1/2 cent above the low mark set Jan. 12, before recovering some of the loss.

Traders said the market suffered from sluggish exports and lessening concerns about weather damage to the winter wheat crop.

Soybeans were under added pressure from disappointing weekly crush figures and from weak soy oil prices.

Wheat for delivery in May lost 3 1/2 cents a bushel and settled at $3.27 3/4; May corn was 5 1/4 cents lower at $2.64 a bushel; May oats were 2 1/4 cents lower at $1.39 1/2 a bushel; and May soybeans were 6 1/2 cents lower at $6.45 1/2 a bushel.

Cattle futures were mostly lower while pork was higher at the Chicago Mercantile Exchange.

Cattle for delivery in April lost .15 cent and settled at 64.77 cents a pound; March feeder cattle were .05 cent lower at 75.47 cents a pound; April hogs were .95 cent higher at 51.60 cents a pound; and March pork bellies were 1.70 cents higher at 46.20 cents a pound.

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