Chicago Board of Trade

Grain and soybean futures moved solidly higher Tuesday on the Chicago Board of Trade when technical signals triggered buying by large commodity funds.

Wheat hit a three-week high thanks to a late surge of fund buying. The gains would have been greater except for last-minute profit-taking and concerns about Wednesday’s government reports on production and supply-and-demand.

Corn bounced back from recent losses, reflecting positioning ahead of the upcoming U.S. Department of Agriculture reports. Soybean prices benefited from technical strength in the soymeal market that spilled over into the bean pits.

Wheat for July delivery rose 6 1/2 cents to $3.33 3/4 a bushel; July corn rose 3 cents to $2.39 1/4 a bushel; July oats rose 1/2 cent to $1.46 3/4 a bushel; July soybeans rose 8 cents to $6.33 1/2 a bushel.

Beef futures advanced while pork futures settled mixed on the Chicago Mercantile Exchange.

July live cattle rose .65 cent to 71.50 cents a pound; August feeder cattle rose .58 cent to 85.20 cents a pound; July lean hogs fell .20 cent to 68.25 cents a pound; July pork bellies rose .22 cent to 92.47 cents a pound.

Local markets

As of Tuesday’s close, courtesy of Ottawa Cooperative Assn. Ottawa Elevator — Wheat, $3.15; corn, $2.24; milo, $2.09; soybeans, $6.17. Edgerton Elevator — Wheat, $3.15; corn, $2.24; milo, $2.09; soybeans, $6.17. Overbrook Elevator — Wheat, $3.15; corn, $2.29; milo, $2.14; soybeans, $6.17. Midland Elevator — Wheat, NA; corn, $2.34; milo, NA; soybeans, $6.17. Lawrence North Elevator — Wheat, NA; corn, $2.34; milo, NA; soybeans, $6.19. Lawrence South Elevator — Wheat, $3.15; corn, $2.34; milo, $2.19; soybeans, $6.17. Pauline Elevator — Wheat, NA; corn, $2.34; milo, $2.19; soybeans, $6.21.

Nonferrous metals

New York — Spot nonferrous metal prices Tuesday:

Aluminum – 63.9 cents per lb., London Metal Exch. Tue.

Lead – $458.50 per metric ton, London Metal Exch.

Zinc – 38.53-39.03 ents lb., delivered.

Gold – $352.20 troy oz., NY Merc spot Tue

Silver – $4.463 troy oz., N.Y. Merc spot Tue.