Chicago Board of Trade

Soybean futures tumbled to more than three-month lows Tuesday on the Chicago Board of Trade, pressured by ideal growing weather and what looks to be a banner 2003 crop.

Corn and wheat also declined.

Soybean prices shed nearly 3 percent of their value in a session-long selloff.

Sellers went into action because of the outlook for the crop, which — already strong — got a further boost with forecasts calling for a continuation of beneficial conditions. That came on the heels of Monday’s crop progress report confirming that 70 percent of the U.S. soybean crop is in good to excellent condition.

Corn dipped more moderately, again hitting new contract lows. Market-watchers cited the bearish mixture of fair weather and high-production outlooks.

Wheat was pulled lower by the heavy selling in soybeans.

Wheat for September delivery fell 3 1/2 cents to $3.15 1/4 a bushel; September corn fell 3 1/2 cents to $2.08 1/2 a bushel; September oats fell 1 1/2 cent to $1.26 3/4 a bushel; August soybeans fell 14 1/4 cents to $5.85 1/4 a bushel.

Beef futures advanced while pork futures retreated in trading on the Chicago Mercantile Exchange.

August live cattle rose .38 cent to 70.50 cents a pound; August feeder cattle rose .70 cent to 87.42 cents a pound; August lean hogs fell .53 cent to 62.62 cents a pound; August pork bellies fell .55 cent to 92.80 cents a pound.

Local markets

As of Tuesday’s close, courtesy of Ottawa Cooperative Assn. Ottawa Elevator — Wheat, $2.81; corn, $1.94; milo, $1.74; soybeans, $5.91. Edgerton Elevator — Wheat, $2.81; corn, $1.94; milo, $1.74; soybeans, $5.89. Overbrook Elevator — Wheat, $2.81; corn, $1.99; milo, $1.79; soybeans, $5.89. Midland Elevator — Wheat, NA; corn, $2.04; milo, NA; soybeans, $5.89. Lawrence North Elevator — Wheat, NA; corn, $2.04; milo, NA; soybeans, $5.91. Lawrence South Elevator — Wheat, $2.81; corn, $2.04; milo, $1.79; soybeans, $5.89. Pauline Elevator — Wheat, NA; corn, $2.04; milo, $1.79; soybeans, $5.93.

St. Joseph livestock

St. Joseph, Mo. (ap) — Quotations for Tuesday:

Estimated Receipts: 200. Compared to Monday, barrows and gilts sold 1.00 higher. Packers wanting hogs despite recent declines in cutouts and futures. Heat indexes continue to soar well over the century mark each day locally and this taken its toll on offering not under air. Barrows and gilts 46-50 percent lean 230-270 lbs 40.50-41.00. Sows: Steady on limited offerings; 1-2 300-500 lbs 30.00-31.00; 1-3 500-700 lbs 34.00-36.00. Boars: Steady; 300-700 lbs 6.00.

Nonferrous metals

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

Gold – $342.10 troy oz., NY Merc spot Tue.

Silver – $4.651 troy oz., N.Y. Merc spot Tue.