Low Temperatures Send Wheat Up

CHICAGO (AP) â€” Forecasts for a continued cold snap in Midwest farming regions continued to push wheat prices upward Friday on the Chicago Board of Trade. <br><br>Corn and soymeal were up slightly on

Friday, December 22nd 2000, 12:00 am

By: News On 6

CHICAGO (AP) â€” Forecasts for a continued cold snap in Midwest farming regions continued to push wheat prices upward Friday on the Chicago Board of Trade.

Corn and soymeal were up slightly on thoughts that demand livestock feed will be up as a result of the cold weather that has gripped much of the nation. The increase in soymeal, however, did little to bolster sagging soybean prices.

Predictions for more cold had the biggest effect on wheat, with traders watching the cold's effect on the hard red winter wheat crop. Forecasters are calling for more cold temperatures and little snowfall that could protect winter wheat crops.

Wheat for March delivery rose 3 cents to $2.75 3/4 a bushel; March corn was up a 1/2 cent to $2.26 3/4 a bushel; March oats were unchanged at $1.11 1/4 a bushel, and January soybeans rose 1/4 cent to $5.10 1/4 a bushel.

Meanwhile, beef and pork futures prices rose on the Chicago Mercantile Exchange.

February live cattle were up .83 cent to 77.75 cents a pound; January feeder cattle rose 1.20 cents to 92.12 cents a pound; February lean hogs were up .72 cent to 56.57 cents a pound; and February frozen pork bellies jumped 1.33 cents to 68.05 cents a pound.