020553 Livestock Future Up Before HolidayMay 27, 2002Chicago - Grain futures dipped lower Friday in quiet pre-holiday trading on the Chicago Board of Trade. Soybeans also finished fractionally lower. Corn was pressured by the prospects of improved weather in the Midwest, which should enable farmers in the eastern corn belt to proceed with delayed planting. Wheat retreated amid the outlook for warmer, drier weather in winter-wheat growing areas. Better conditions are seen as not only improving winter-wheat crop conditions but benefiting spring wheat planting and crop emergence. Soybeans dropped in light profit-taking, with some investors trying to get the jump on the traditional decline in prices when trading resumes after Memorial Day. Trading volume was small across the board. Wheat for July delivery fell 2 1/4 cents to $2.69 1/4 a bushel; July corn fell 2 3/4 cents to $2.05 a bushel; July oats rose 5 3/4 cents to $1.63 1/2 a bushel; July soybeans fell 1/2 cent to 4.91 a bushel. Beef futures advanced while pork futures retreated in trading on the Chicago Mercantile Exchange. June live cattle rose .75 cent to 62.07 cents a pound; August feeder cattle rose .35 cent to 76.45 cents a pound; June lean hogs fell .15 cent to 48.37 cents a pound; July frozen pork bellies fell .23 cent to 58.97 cents a pound.
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