Grains futures jump, livestock prices rise

AP News
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Posted: Aug 11, 2011 3:45 PM
Grains futures jump, livestock prices rise

Grains futures shot higher Thursday on the Chicago Board of Trade. The U.S. Agriculture Department estimated that the fall harvest won't yield as much corn as first estimated. A tighter supply means higher prices.

Corn for December delivery jumped 25.5 cents to $7.14 a bushel. Wheat for September delivery gained 16.25 cents to $7.0125 a bushel; November soybeans climbed 30.25 cents to $13.3175 a bushel; and December oats rose 3.5 cents to $3.545 a bushel.

Beef and pork futures also rose on the Chicago Mercantile Exchange.

October live cattle gained 2.07 cents to $1.1952 a pound; September feeder cattle rose 1.20 cent to $1.3630 a pound; while October lean hogs added 1.25 cent to 88.10 cents a pound.