Grain Falls to New Low
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Grain and soybean futures prices fell to new lows on the Chicago Board of Trade, as a host of commodity prices came under pressure Tuesday.
The Commodity Research Bureau’s index of leading commodity prices fell Tuesday to 231.2, its lowest level since December, 1982.
Prices of corn and soybeans in all delivery months and wheat in all delivery months except December fell to life-of-contract lows as many factors combined to encourage selling, analysts said.
Chief among them was the weather, as rain fell in many areas of the Corn Belt over the weekend and alleviated concern about dry conditions in corn and soybean fields, said Bob Lekberg, a grain analyst in Chicago with Shearson Lehman Brothers.
Wheat prices were under pressure from excellent harvest progress made over the weekend in the southern Great Plains states.
Oil prices were under pressure on the New York Mercantile Exchange, partly from profit taking after a rally last week, and partly from the report on the Norway price cut, which was not confirmed.
Livestock and meat prices were mostly lower.
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