Associated Press August 9, 2002
CHICAGO (AP) - Wheat futures fell heavily Thursday on the Chicago Board of Trade on the sudden prospect of stiffer export competition from Europe.
Soybeans and corn also declined.
Wheat prices dove after the European Commission announced its biggest export program in years, issuing licenses for more than 1.3 million metric tons of free-market wheat. That poses a new test for U.S. soft red winter wheat, given limited world demand.
The selloff reversed an initial price rise in response to better-than-expected weekly export sales. U.S. wheat export sales were 674,000 metric tons - more than twice last week's total.
Soybeans were pressured by the decline in wheat and by midday forecasts calling for a greater likelihood of rain in the Midwest next week than had been expected.
Corn slipped moderately lower amid continuing uncertainty over next Monday's big reports from the U.S. Department of Agriculture on crop production and supply and demand.
Wheat for September delivery fell 73/4 cents to $3.381/2 a bushel; December corn fell 23/4 cents to $2.571/4 a bushel; December oats fell 3/4 cent to $1.72 a bushel; November soybeans fell 73/4 cents to $5.223/4 a bushel.
Beef futures declined while pork futures advanced in trading on the Chicago Mercantile Exchange.
October live cattle fell .18 cent to 67.67 cents a pound; September feeder cattle fell .20 cent to 77.15 cents a pound; October lean hogs rose 1 cent to 39.05 cents a pound; February frozen pork bellies rose .73 cent to 63 cents a pound.
Copyright 2002 Associated Press:
