Chicago Board of Trade

Wheat futures raced to nearly two-month highs Wednesday on the Chicago Board of Trade, spurred by Egypt’s purchase of U.S. wheat and a flurry of technical buying.

Corn also advanced strongly, while soybeans declined.

Wheat rose initially after Egypt’s main state buyer purchased 120,000 metric tons of U.S. exports, bypassing the competing French product. Commodity funds spurred an even steeper run-up in prices late in the session on technically motivated buying.

Weather-related uncertainties and seeding delays caused a similarly sharp increase in corn.

The wet weather in the Midwest also was behind soybeans’ fall. Soggy fields and postponed field work prompted notions that farmers may switch some acreage from corn to soybeans this year.

Wheat for July delivery rose 8 3/4 cents to $3.01 3/4 a bushel; July corn rose 5 cents to $2.42 1/2 a bushel; July oats rose 3 3/4 cents to $1.53 1/2 a bushel; July soybeans fell 2 1/2 cents to $6.27 a bushel.

Beef and pork futures declined on the Chicago Mercantile Exchange.

June live cattle fell .40 cent to 73.02 cents a pound; August feeder cattle fell .52 cent to 84.45 cents a pound; June lean hogs fell .75 cent to 63.57 cents a pound; July pork bellies fell 1.20 cent to 91.72 cents a pound.

Local markets

As of Wednesday’s close, courtesy of Ottawa Cooperative Assn. Ottawa Elevator — Wheat, $3.12; corn, $2.28; milo, $2.23; soybeans, $6.02. Edgerton Elevator — Wheat, $3.12; corn, $2.28; milo, $2.23; soybeans, $6.02. Overbrook Elevator — Wheat, $3.12; corn, $2.33; milo, $2.28; soybeans, $6.02. Midland Elevator — Wheat, NA; corn, $2.38; milo, NA; soybeans, $6.02. Lawrence North Elevator — Wheat, NA; corn, $2.38; milo, NA; soybeans, $6.04. Lawrence South Elevator — Wheat, $3.12; corn, $2.38; milo, $2.33; soybeans, $6.02. Pauline Elevator — Wheat, NA; corn, $2.38; milo, $2.33; soybeans, $6.06.

St. Joseph livestock

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

Receipts: 1,200. Last Week: 1,002. Year Ago: 932.

Compared to last week, all weights of feeder steers opening 2.00-5.00 higher and the heifers are selling firm to 2.00 higher. Improved pasture conditions, a stronger undertone in the slaughter cattle market, and higher future prices on Tuesday have created enthusiasm that’s driving the feeder cattle market higher. Many fancy light-weight new crop calves in the offering, an unusual situation in this area this early in the spring, especially with excellent pasture conditions. Producers obviously taking advantage of higher calf prices. Feeder Steer: Medium and Large 1: 400-500 lbs 113.00-117.00; pkg 530 lbs 107.00; 550-600 lbs 94.50-96.50; 600-650 lbs 92.75-97.00; 700-800 lbs 85.00-87.00; pkg 840 lbs 83.10. Medium and Large 1-2: 400-450 lbs 106.00-113.00; 450-500 lbs 100.00-108.50; 500-550 lbs 101.20-107.00; pkg 785 lbs 83.50. Feeder Heifers: Medium and Large 1: 400-500 lbs 92.00-95.50; 500-600 lbs 92.50-96.50; 600-700 lbs 84.50-86.25; 750-800 lbs 76.00-78.60. Medium and Large 1-2: pkg 420 lbs 100.50; 450-500 lbs 86.00-90.00, pkg thin 485 lbs 112.00; 500-550 lbs 85.00-93.50; pkg 560 lbs 92.00.

Estimated Receipts: 350. Compared to Tuesday, barrows and gilts sold 2.50 higher; 46-50 percent lean 230-270 lbs 40.50-41.00. Sows: Sows sold 1.00 higher; 1-2 300-500 lbs 26.00-28.00; 1-3 500-550 lbs 30.00; 550-700 lbs 31.00-32.00. Boars: Steady; 300-700 lbs 6.00.

Nonferrous metals

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

Aluminum – 62.9 cents per lb., London Metal Exch. Wed.

Copper – $75.0 Cathode full plate, U.S. destinations.

Copper -73.05 cents per lb., N.Y. Merc spot Wed.

Lead – $452.50 per metric ton, London Metal Exch.

Zinc – 36.97-37.47 cents lb., delivered.

Gold – $341.85 Handy & Harman (only daily quote).

Gold – $341.90 troy oz., NY Merc spot Wed.

Silver – $4.745 Handy & Harman (only daily quote).

Silver – $4.729 troy oz., N.Y. Merc spot Wed.

Mercury – $165.00 per 76 lb flask, N.Y.

Platinum – $608.00 troy oz., N.Y. (contract).

Platinum $626.80 troy oz., N.Y. Merc spot Wed.