Commodities for Friday, June 28, 1985 : Grain Futures Mostly Lower
Grain and soybean futures prices were mostly lower Friday on the Chicago Board of Trade.
Pressure in the corn pit was concentrated on contracts for delivery in July and September, with July falling to a life-of-contract low. Contracts for delivery after the harvest were steady to slightly lower.
Bob Lekberg, a grain analyst in Chicago with Shearson Lehman Bros., said nearby corn contracts were under pressure because deliveries of corn against the July contract were heavier than expected.
Wheat prices were under pressure partly because farmers are making good harvest progress in the Great Plains states and the market was anticipating stepped up sales on cash markets over the weekend.
Reports that demand for soybean meal in Europe improved because of a weaker U.S. dollar helped spur a recovery in the meal pit, Lekberg said.
Cattle prices were higher and live hogs and frozen pork bellies were mixed on the Chicago Mercantile Exchange.
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