Commodities : Monday, June 15, 1987 : Grain, Soybean Futures Rise
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Grain and soybean futures prices rose sharply Monday, with many contracts gaining the limit for daily trading, because of record heat over the weekend and the promise of more hot, dry weather. Corn, oats, soybeans and soybean meal posted limit advances on some deliveries at the Chicago Board of Trade.
On other markets, crude oil settled above $20 a barrel for the first time since Jan. 28, 1986, pork futures were higher, cattle futures were mixed and precious metals were lower.
Temperatures hit record high levels in some sections of the Corn Belt over the weekend, topping 100 degrees in many areas, and there was very little rain. Temperatures were expected to cool for a few days but remain above normal, sucking large amounts of moisture out of the soil.
The 30-day forecast, covering the critical pollination period for corn, projects above normal temperatures and below normal rainfall.
“The market’s very, very sensitive to weather news,” said Susan Hackmann, an analyst in Chicago with Agri Analysis Inc.
Wheat settled 8 cents to 13 1/2 cents higher, with the contract for delivery in July at $2.75 3/4 a bushel.
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