Chicago Board of Trade

Grain and soybean futures moved narrowly higher Tuesday on the Chicago Board of Trade in a session delayed two hours by technical problems.

Wheat, corn and soybeans all clung to the large gains of the previous two sessions despite talk that a correction was inevitable. But there was no heavy fund buying like on Friday and Monday, and prices increased only slightly.

Exchange officials blamed the holdup at the start of the session on problems associated with implementing a new trade management system to oversee all trades. The Board of Trade required all firms to move to the new platform last Friday, but glitches forced a 30-minute delay in trading on Monday morning and another late start on Tuesday. Trading opened two hours after the scheduled 9:30 a.m. opening, cutting the session’s usual length by more than half.

Wheat for July delivery rose 1/4 cent to $3.31 1/4 a bushel; July corn rose 1/2 cent to $2.52 3/4 a bushel; July oats rose 1/4 cent to $1.54 1/4 a bushel; July soybeans rose 1 3/4 cent to $6.44 1/4 a bushel.

Beef futures increased while pork futures decreased on the Chicago Mercantile Exchange.

June live cattle rose .38 cent to 74.10 cents a pound; August feeder cattle rose .15 cent to 84.92 cents a pound; June lean hogs fell .77 cent to 64.60 cents a pound; July pork bellies fell .63 cent to 93.67 cents a pound.

Local markets

As of Tuesday’s close, courtesy of Ottawa Cooperative Assn. Ottawa Elevator — Wheat, $3.34; corn, $2.36; milo, $2.26; soybeans, $6.19. Edgerton Elevator — Wheat, $3.34; corn, $2.36; milo, $2.26; soybeans, $6.19. Overbrook Elevator — Wheat, $3.34; corn, $2.41; milo, $2.31; soybeans, $6.19. Midland Elevator — Wheat, NA; corn, $2.46; milo, NA; soybeans, $6.19. Lawrence North Elevator — Wheat, NA; corn, $2.46; milo, NA; soybeans, $6.21. Lawrence South Elevator — Wheat, $3.34; corn, $2.46; milo, $2.36; soybeans, $6.19. Pauline Elevator — Wheat, NA; corn, $2.46; milo, $2.36; soybeans, $6.23.

Nonferrous metals

New York — Spot nonferrous metal prices Tuesday:

Aluminum – 63.7 cents per lb., London Metal Exch. Tue.

Copper -76.00 cents per lb., N.Y. Merc spot Tue.

Lead – $470.00 per metric ton, London Metal Exch.

Gold – $350.00 troy oz., NY Merc spot Tue.

Silver – $4.814 troy oz., N.Y. Merc spot Tue.