Chicago Board of Trade

Wheat futures raced to a 6 1/2-month high Monday on the Chicago Board of Trade on the strength of a second straight session of heavy speculative buying.

Soybeans and corn prices also increased modestly. Wheat followed up Friday’s whopping 8 percent gains with a 3 percent advance as commodity funds shrugged off stagnant demand.

Slightly bullish supply-and-demand figures from the U.S. Department of Agriculture contributed to the buying mood, as did weather concerns. But analysts said the latest big run-up in prices was speculative and not based on any real changes in the market.

Soybeans also hit new contract highs, lifted by higher-than-expected export inspections.

Corn finished fractionally higher on more speculative buying, although profit-taking wiped out most of the gains by session’s end.

Wheat for July delivery rose 10 cents to $3.31 a bushel; July corn rose 1/4 cent to $2.52 1/4 a bushel; July oats rose 1 3/4 cent to $1.54 a bushel; July soybeans rose 4 1/2 cents to $6.42 1/2 a bushel.

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

June live cattle fell .33 cent to 73.72 cents a pound; August feeder cattle fell .20 cent to 84.77 cents a pound; June lean hogs rose .15 cent to 65.37 cents a pound; July pork bellies rose .58 cent to 94.30 cents a pound.

Local markets

As of Monday’s close, courtesy of Ottawa Cooperative Assn. Ottawa Elevator — Wheat, $3.36; corn, $2.35; milo, $2.25; soybeans, $6.18. Edgerton Elevator — Wheat, $3.36; corn, $2.35; milo, $2.25; soybeans, $6.18. Overbrook Elevator — Wheat, $3.36; corn, $2.40; milo, $2.30; soybeans, $6.18. Midland Elevator — Wheat, NA; corn, $2.45; milo, NA; soybeans, $6.18. Lawrence North Elevator — Wheat, NA; corn, $2.45; milo, NA; soybeans, $6.20. Lawrence South Elevator — Wheat, $3.36; corn, $2.45; milo, $2.35; soybeans, $6.18. Pauline Elevator — Wheat, NA; corn, $2.45; milo, $2.35; soybeans, $6.22.

Nonferrous metals

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

Aluminum – 63.5 cents per lb., London Metal Exch. Mon.

Copper – $77.0 Cathode full plate, U.S. destinations.

Lead – $468.00 per metric ton, London Metal Exch.

Zinc – 36.79-37.29 cents lb., delivered.

Gold – $351.10 Handy & Harman (only daily quote).

Gold – $351.60 troy oz., NY Merc spot Mon.

Silver – $4.861 troy oz., N.Y. Merc spot Mon.

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

Platinum – $646.00 troy oz., N.Y. (contract).