Chicago Board of Trade

Wheat futures bounced back Thursday from the previous day’s selloff on the Chicago Board of Trade, posting strong gains.

Soybeans also advanced, while corn fell. After sinking initially to one-month lows, wheat prices recovered to finish more than 2 percent higher for the session. Analysts said pressure from the outlook for a larger crop was overcome by widespread perceptions that the market was oversold.

Soybeans climbed less sharply, benefiting from strength in the soyoil market and the dollar’s decline against the euro. Talk that China had purchased large amounts of South American soyoil helped launch the rally throughout the soy sector.

Corn slipped lower for a fifth consecutive session. Lackluster export demand and favorable crop outlooks contributed to selling.

Wheat for July delivery rose 7 cents to $3.20 1/2 a bushel; July corn fell 1 3/4 cent to $2.35 3/4 a bushel; July oats rose 2 3/4 cents to $1.43 a bushel; July soybeans rose 3 1/2 cents to $6.18 3/4 a bushel.

Beef and pork futures declined in trading on the Chicago Mercantile Exchange.

July live cattle fell 1.07 cent to 71.35 cents a pound; August feeder cattle fell .90 cent to 85.20 cents a pound; July lean hogs fell .40 cent to 67.92 cents a pound; July pork bellies fell 1.60 cent to 91.85 cents a pound.

Local markets

As of Thursday’s close, courtesy of Ottawa Cooperative Assn. Ottawa Elevator — Wheat, $3.04; corn, $2.21; milo, $2.06; soybeans, $6. Edgerton Elevator — Wheat, $3.04; corn, $2.21; milo, $2.06; soybeans, $6. Overbrook Elevator — Wheat, $3.04; corn, $2.26; milo, $2.11; soybeans, $6. Midland Elevator — Wheat, NA; corn, $2.31; milo, NA; soybeans, $6. Lawrence North Elevator — Wheat, NA; corn, $2.31; milo, NA; soybeans, $6.02. Lawrence South Elevator — Wheat, $3.04; corn, $2.31; milo, $2.16; soybeans, $6. Pauline Elevator — Wheat, NA; corn, $2.31; milo, $2.16; soybeans, $6.04.

St. Joseph livestock

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

Estimated Receipts: 100. Compared to Wednesday, barrows and gilts sold .50 lower; 46-50 percent lean 230-270 lbs 43.00-43.50. Sows: Scarce. Boars: Scarce.

Nonferrous metals

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

Aluminum – 64.8 cents per lb., London Metal Exch. Thu.

Copper – $81.0 Cathode full plate, U.S. destinations.

Copper -78.00 cents per lb., N.Y. Merc spot Thu.

Lead – $471.50 per metric ton, London Metal Exch.

Zinc – 38.74-39.24 ents lb., delivered.

Gold – $366.75 Handy & Harman (only daily quote).

Gold – $368.60 troy oz., NY Merc spot Thu

Silver – $4.520 Handy & Harman (only daily quote).

Silver – $4.494 troy oz., N.Y. Merc spot Thu.

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

Platinum – $670.00 troy oz., N.Y. (contract).

Platinum $665.00 troy oz., N.Y. Merc spot Thu.