Grains and Soybeans Lower

Grain and soybean futures prices were mostly lower Tuesday on the Chicago Board of Trade as good growing conditions continued to prevail in the Corn Belt.

Prices fell early in the session, and most corn contracts fell to life-of-contract lows. Soybeans also were lower, but the contracts for delivery in August, September and November recovered late in the session.

Dale Gustafson, a grain analyst with Drexel Burnham Lambert, said early selling came mostly in response to continued good growing conditions.

Livestock and meat prices were lower on the Chicago Mercantile Exchange.

Prices retreated after posting a strong advance on Monday, and some of the selling was said to be coming from traders who had bought contracts during the rally and were taking profits.

Hogs and bellies were under pressure from concern that wholesale prices for live animals will fall today, Garrison said.

Wholesale prices of pork bellies also were under pressure and were a factor in the sharp decline in pork belly futures prices, Garrison said.