Petroleum futures prices were mostly higher Wednesday on the New York Mercantile Exchange despite talk that oil prices might be coming down.
The price of gasoline futures led the rally, as supplies of leaded gasoline are tight, said Andrew Lebow, a petroleum analyst in New York with Shearson Lehman Bros. Lebow noted that refiners have reduced production of leaded gasoline because the Environmental Protection Agency has imposed new regulations, effective July 1, to reduce the amount of lead allowed in leaded gasoline.
Livestock and meat prices were lower on the Chicago Mercantile Exchange, while cattle and hogs both came under pressure from concern that large numbers of deliveries would be made against futures contracts. Cash and futures prices generally converge when the delivery period begins.
Most prices were steady to slightly weaker on cash markets and hog prices were expected to drift lower again Thursday.
Pressure in corn and soybeans was primarily on contracts for delivery after the harvest, as planting remains well ahead of schedule.