Chicago Board of Trade

Soybean futures fell rapidly and closed down more than a dime a bushel on the Chicago Board of Trade after reports that the soybean inventory is larger than analysts had predicted.

The U.S. Department of Agriculture released a stocks figure reporting a U.S. inventory of 602.33 million bushels as of June 1. Industry estimates for soybeans had averaged only 556 million bushels.

Wheat rebounded from two weeks of losses on news of a weekend Egyptian purchase of U.S. soft wheat.

Corn futures finished lower amid increased acreage projections and crop outlooks.

Wheat for July delivery rose 6 1/2 cents to $3.01 3/4 per bushel; July corn dropped 5 cents to $2.28 1/2 per bushel; July oats rose 1 cent to $1.53 1/4 per bushel; July soybeans declined 10 1/4 cents to $6.21 1/4 per bushel.

Local markets

As of Monday’s close, courtesy of Ottawa Cooperative Assn. Ottawa Elevator — Wheat, $2.80; corn, $2.09; milo, $1.89; soybeans, $6.12. Edgerton Elevator — Wheat, $2.80; corn, $2.09; milo, $1.89; soybeans, $6.12. Overbrook Elevator — Wheat, $2.80; corn, $2.14; milo, $1.94; soybeans, $6.12. Midland Elevator — Wheat, NA; corn, $2.19; milo, NA; soybeans, $6.12. Lawrence North Elevator — Wheat, NA; corn, $2.19; milo, NA; soybeans, $6.14. Lawrence South Elevator — Wheat, $2.80; corn, $2.19; milo, $1.94; soybeans, $6.12. Pauline Elevator — Wheat, NA; corn, $2.19; milo, $1.94; soybeans, $6.16.

Nonferrous metals

New York (ap) — Spot nonferrous metal prices Monday:

Aluminum – 62.7 cents per lb., London Metal Exch. Mon.

Copper – $79.0 Cathode full plate, U.S. destinations.

Copper -74.80 cents per lb., N.Y. Merc spot Mon.

Lead – $482.50 per metric ton, London Metal Exch.

Zinc – 38.19-38.69 cents lb., delivered.

Gold – $346.00 Handy & Harman (only daily quote).

Gold – $346.00 troy oz., NY Merc spot Mon.

Silver – $4.570 Handy & Harman (only daily quote).

Silver – $4.557 troy oz., N.Y. Merc spot Mon.

Mercury – $175.00 per 76 lb flask, N.Y.

Platinum – $666.00 troy oz., N.Y. (contract).