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Archive for Thursday, November 11, 2004

Commodities

November 11, 2004

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Chicago Board of Trade

Soybean futures moved higher while grain futures finished mixed Wednesday on the Chicago Board of Trade.

Soybean futures surged largely on news of the first U.S. cases of the fungus soybean rust, found at two research sites in Louisiana. Soybean rust hinders plant growth and drastically cuts crop production. Soybeans for January delivery rose 14 1/2 cents to $5.25 a bushel; December wheat fell 1 cent to $3.03 1/2 a bushel; December corn rose 1/4 cent to $1.98 1/4 a bushel; December oats remained unchanged at $1.42 1/4 a bushel.

Beef and pork futures increased on the Chicago Mercantile Exchange. December live cattle rose 1.18 cent to 83.65 cents a pound; January feeder cattle rose 1.50 cent to $1.0187 a pound; December lean hogs rose 2 cents to 73.90 cents a pound; February pork bellies rose 1.58 cent to $1.0205 a pound.

Local markets

As of Wednesday's close, courtesy of Ottawa Cooperative Assn. Ottawa Elevator -- Wheat, $3.31; corn, $1.63; milo, $1.48; soybeans, $4.95. Edgerton Elevator -- Wheat, $3.31; corn, $1.63; milo, $1.48; soybeans, $4.95. Overbrook Elevator -- Wheat, $3.31; corn, $1.63; milo, $1.48; soybeans, $4.95. Midland Elevator -- Wheat, NA; corn, $1.67; milo, NA; soybeans, $4.95. Lawrence North Elevator -- Wheat, NA; corn, $1.63; milo, NA; soybeans, $4.95. Lawrence South Elevator -- Wheat, $3.31; corn, $1.63; milo, $1.48; soybeans, $4.95. Pauline Elevator -- Wheat, NA; corn, $1.71; milo, $1.53; soybeans, $4.95.

St. Joseph livestock

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

Estimated Receipts: 3200 Last Week: 1345 Year Ago: 2341

Compared to last week, steer calves sold steady to 3.00 lower with heifer calves trading 2.00-4.00 lower. True yearling feeder cattle sold fully steady. The auction started out sluggish, but sales soon improved as the represented buying power flexed its muscle on the large groups of top quality cattle. Demand was moderate to good for weaned calves, but only light to moderate for those that were not weaned. Buyers appeared to be more interested in feeder cattle than the stockers, even heavy calves bound for the feedlot.

Nonferrous metals

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

Gold - $434.00 troy oz., NY Merc spot Wed.

Silver - $7.412 troy oz., N.Y. Merc spot Wed.

Platinum - $848.00 troy oz., N.Y. (contract).

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