030118 USDA Reports Send Grains, Soybeans DivingJanuary 11, 2003Chicago - Wheat futures tumbled to six-month lows and corn and soybeans also plummeted Friday in early dealings on the Chicago Board of Trade, responding to unexpectedly bearish government reports. Wheat prices sank after the Department of Agriculture signaled that U.S. supply levels are much higher than previously thought. The department raised its estimate for year-ending 2002-03 stocks by 70 million bushels and put Dec. 1 wheat stocks significantly above industry estimates. Wheat's decline was nearly 3%, and both corn and soybeans slightly exceeded that mark. The government's crop reports for corn disclosed a sharper-than-expected decline in feed use. Soybeans dipped to their lowest prices since Dec. 18 after the government pegged U.S. soybean production as higher than in previous estimates. Wheat for March delivery fell 8 3/4 cents to $3.20 1/4 a bushel; March corn fell 7 3/4 cents to $2.35 3/4 a bushel; March oats fell 5 1/2 cents to $2.12 a bushel; March soybeans fell 19 1/4 cents to $5.60 1/2 a bushel. Beef futures were mixed and pork futures were lower in early trading on the Chicago Mercantile Exchange. February live cattle fell .20 cent to 81.65 cents a pound; March feeder cattle rose .13 cent to 80.90 cents a pound; February lean hogs fell .62 cent to 52.60 cents a pound; February pork bellies fell .20 cent to 83.55 cents a pound.
E-mail: sflanagan@sprintmail.com |
