Grains, Soybeans Decline
Grain and soybean futures prices were mostly lower, with some of the wheat and corn contracts falling to new lows, in dull trading Friday on the Chicago Board of Trade.
Prices were slightly higher early in the session when traders who had sold contracts in previous sessions bought them back to close out their positions before the end of the week. But generally, prices were under pressure from the continued outlook for good crops, said Bob Lekberg, a grain analyst in Chicago with Shearson Lehman Bros.
Wheat for delivery in September and corn for delivery in December, January and March set life-of-contract lows.
Livestock and meat prices were mixed in light trading on the Chicago Mercantile Exchange.
Hog futures were supported by reports of higher prices for pork products and live animals on wholesale markets, said Phil Stanley, a livestock analyst in Chicago with Thomson McKinnon Securities.
He said cash hog prices are expected to advance Monday as meatpackers rebuild inventories.
Pork bellies advanced in response to talk that retailers might feature specials on bacon next week.
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