COMMODITIES : Crop Futures Edge Lower in Sluggish Trading
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Most crop futures prices moved lower Friday on the Chicago Board of Trade in a lackluster session featuring profit taking and uncertainty about the Farm Belt weather outlook for the weekend and beyond.
On other markets, silver futures were sharply higher; livestock and meat were mostly higher; energy futures were lower, and stock index futures retreated.
Soybean prices for near-term delivery fell for the fifth straight day, bringing the August contract to just over $8.30 a bushel, the lowest price for near-month delivery since June 2.
Grain and soybean prices fell sharply earlier in the week as showers swept across the dusty Midwest. The market has been unable to sustain a rally since then because of speculation that the drought pattern that drove soybeans to a 15-year high of nearly $11 a bushel on June 23 has weakened, analysts said.
“The bulls are really grasping here, trying to get things recovered,” said Victor Lespinasse, a trader with Dean Witter Reynolds Inc. in Chicago.
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