Chicago Board of Trade
Soybean futures continued their rocket ride higher Tuesday on the Chicago Board of Trade, posting a third straight day of strong gains.
Grains settled mixed.
Soybeans climbed more than another percentage point to new contract highs, still getting momentum from last Friday's crop progress report. Prices have increased by nearly a half-dollar a bushel on the outlook for declining production.
Corn also drifted slightly higher, supported by the buying in soybeans.
Wheat dropped to three-month lows amid selling by large funds that wiped out the previous day's gains.
Wheat for December delivery fell 8 1/2 cents to $3.25 1/2 a bushel; December corn rose 1 cent to $2.18 1/2 a bushel; December oats fell 3 cents to $1.40 1/4 a bushel; November soybeans rose 10 cents to $7.41 1/2 a bushel.
Beef and pork futures declined on the Chicago Mercantile Exchange.
December live cattle fell .78 cent to 92.97 cents a pound; November feeder cattle fell 1.50 cent to $1.0407 a pound; December lean hogs fell 1.28 cent to 59.02 cents a pound; February frozen pork bellies fell 1.57 cent to 90.60 cents a pound.
As of Tuesday's close, courtesy of Ottawa Cooperative Assn. Ottawa Elevator -- Wheat, $3.07; corn, $1.99; milo, $1.99; soybeans, $7.17. Edgerton Elevator -- Wheat, $3.07; corn, $1.99; milo, $1.99; soybeans, $7.17. Overbrook Elevator -- Wheat, $3.07; corn, $1.99; milo, $1.99; soybeans, $7.17. Midland Elevator -- Wheat, NA; corn, $2.04; milo, NA; soybeans, $7.22. Lawrence North Elevator -- Wheat, NA; corn, $1.99; milo, NA; soybeans, $7.17. Lawrence South Elevator -- Wheat, $3.07; corn, $1.99; milo, $1.99; soybeans, $7.17. Pauline Elevator -- Wheat, NA; corn, $2.04; milo, $2.04; soybeans, $7.17.
St. Joseph livestock
St. Joseph, Mo. (ap) -- Quotations for Tuesday:
Estimated Receipts: 150. Compared to Monday, barrows and gilts sold steady. Hog slaughter over 2 million head per week the past 2 weeks. However, tight beef supplies and live cattle prices more than tripling hogs. Barrows and gilts: 46-50 percent lean 230-270 lbs 36.00-36.50; 44-48 percent lean 270-290 lbs 35.00-36.00; pkg 295 lbs 34.50. Sows: Scarce. Boars: Scarce.
New York (ap) -- Spot nonferrous metal prices Tuesday:
Aluminum - 66.6 cents per lb., London Metal Exch. Tue.
Copper -87.10 cents per lb., N.Y. Merc spot Tue.
Lead - $599.00 per metric ton, London Metal Exch.
Zinc - 43.34-43.84 cents lb., delivered.
Gold - $373.95 Handy & Harman (only daily quote).
Gold - $375.70 troy oz., NY Merc spot Tue.
Silver - $4.940 Handy & Harman (only daily quote).
Silver - $4.927 troy oz., N.Y. Merc spot Tue.
Mercury - $175.00 per 76 lb flask, N.Y.
Platinum - $726.00 troy oz., N.Y. (contract).