Harvest Good; Futures Bad

The Midwest corn and soybean harvest picked up this week, and prospects for full bins sent grain and soybean futures lower Thursday.

On other major markets, energy futures were mixed, cattle futures were lower while pork futures advanced, and precious metals were mixed. The day was marked by extremely light trading on all markets as many traders stayed home to celebrate Rosh Hashana, the Jewish New Year.

Soybeans and soybean meal were substantially lower on the Chicago Board of Trade, led by commercial selling of the meal on prospects for a good harvest, said Mickey Luth, an analyst in Chicago with Shearson Lehman Bros.

Corn prices also were influenced by harvest pressure, while wheat made little movement in either direction, said Ted Mao, another Shearson Lehman analyst in New York.

The National Weather Service’s six- to 10-day forecast, issued Wednesday, called for dry weather--good for harvesting--in most of the Midwest into next week. Analysts said prices likely would continue to drift lower.

“It’s a matter of time before the harvest gets over,” Luth said. “You’ve just got to get through it, that’s all.”

Unleaded gasoline and heating oil futures settled mostly higher.