Wheat, Corn Prices Higher
Wheat and corn futures prices were mostly higher and soybeans were lower Wednesday on the Chicago Board of Trade.
Soybean prices retreated late in the session after an early rally, while corn and wheat remained higher all day. Volume was light to moderate.
Bob Lekberg, a grain analyst in Chicago with Shearson Lehman Bros., said that the early rally was triggered by technical factors such as trends on price charts and that much of the buying came from speculative accounts.
However, Lekberg said, growing conditions generally have improved in the Corn Belt with widespread rainfall recorded in the past couple of days and cool temperatures forecast, and sellers prevailed later in the session.
Lekberg said corn prices were supported partly by a lack of sales on cash markets.
Livestock prices were mostly lower and frozen pork bellies were mixed on the Chicago Mercantile Exchange.
Cattle prices retreated from advances posted Tuesday, when higher beef carcass prices encouraged buyers. Carcasses failed to advance any further Wednesday and the rally ran out of steam.