Grains futures sink, livestock futures trade mixed

AP News
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Posted: Jun 22, 2011 4:49 PM
Grains futures sink, livestock futures trade mixed

Grains futures sank Wednesday on the Chicago Board of Trade. Speculators rushed to sell off contracts because of signs that weather changes will result in a healthier and bigger crop. Prices drop on the prospect of a larger supply of grains.

Wheat for September delivery slid 32.25 cents to $6.7325 a bushel; December corn tumbled 30 cents to $6.5025 a bushel; December oats dropped 6 cents to $3.65 a bushel; while November soybeans fell 17.25 cents to $13.325 a bushel.

Meanwhile, beef and pork futures traded mixed on the Chicago Mercantile Exchange.

August live cattle dropped 1.45 cent to $1.1170 a pound; August feeder cattle gained 0.18 cent to $1.38 a pound; August lean hogs shed 0.65 cent to 97.32 cents a pound; while August pork bellies were unchanged at $1.065 a pound.