CHICAGO - Start of Trading Delayed 30 Minutes by Glitch in Electronic Order-Routing System, Grains, Soybeans Down on Weathergreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
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Title: Grains, Soybeans Down on Weather
Story Filed: Friday, April 07, 2000 11:45 AM EDT
CHICAGO (AP) -- Wet weather sent grain and soybean futures lower in early dealings today on the Chicago Board of Trade after the start of trading was delayed 30 minutes by a glitch in the electronic order-routing system.
Thunderstorms and winter-like weather rolled into the upper Midwest today -- bad news for not only spring weekend plans but agricultural commodity prices. Dry soil conditions had raised alarm bells in key growing regions but recent wet weather has allayed some concerns about prospects for crops.
Soybeans were under additional pressure from weather systems expected to dump more rain on the soybean belt this weekend and early in the week.
Corn prices also were dampened by the wet weather, which improves the crop outlook.
Wheat was dragged down by the losses in corn and soybean futures, although its decline was expected to be limited by cold temperatures forecast for the Great Plains states, raising the specter of possible freeze damge.
The Board of Trade rerouted all trade orders for grains to paper as a result of the problem which shut down the electronic trading system 45 minutes before the usual opening time. Electronic orders typically account for up to 25 percent of the agricultural commodities market.
The reason for the problem was not immediately known, the CBOT said. Financial products were not affected.
Wheat for May delivery fell 2 1/4 cents to $2.51 1/2 a bushel; May corn fell 1 cent to $2.26 a bushel; May oats fell 1/2 cent to $2.18 1/4 a bushel; May soybeans fell 4 cents to $5.27 a bushel.
Beef futures were mixed and pork futures were higher in early trading on the Chicago Mercantile Exchange.
June live cattle fell .03 cent to 68.72 cents a pound; May feeder cattle rose .10 cent to 83.90 cents a pound; June lean hogs rose .88 cent to 73.40 cents a pound; May pork bellies rose 1.75 cent to 96.30 cents a pound.
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-- (Dee360Degree@aol.com), April 07, 2000