Grain and soybean futures prices advanced Tuesday on the Chicago Board of Trade, but gained back only a fraction of the losses accumulated during a week-long slide. On other markets, livestock and meat were mostly higher, energy futures were unchanged to a little higher and precious metals advanced.
The corn and soybean gains were mostly viewed as a small correction to sizable losses of the past week, said Victor Lespinasse, a trader with Dean Witter Reynolds.
The November soybean delivery, for example, dropped nearly 75 cents a bushel in the past week or so and gained 7 cents of it back on Tuesday.
The advances in the new-crop corn and soybean contracts were more modest than old-crop months and reflected the improvement in the weather and the decreased likelihood of severe crop damage, said Lespinasse.
Much of the Midwest received needed rain over the last several days and there's more in the forecast, along with cooler temperatures.
Old-crop corn also was supported by overseas business attracted by the lower prices of the past few days.