Wheat and corn futures surge on CBOT rally
A runup driven by speculations on next week's government data pushed wheat and corn futures to large gains on the Chicago Board of Trade. Wheat for July delivery rose 22.0 cents to 3.17 a bushel, corn up 9.0 cents to 2.52 a bushel, oats 1.52 a bushel, and soybeans 13.0 cents to 6.38 a bushel, with corn hitting six month highs and wheat leading the advance.
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Stockyards Springfield Beef Prices Up in Eastern Cornbelt
Eastern Cornbelt carcass prices closed 0.75 higher with 0.5 inch at 54.57 to 61.62, 0.6 inch 54.00 to 61.56, 0.7 inch 52.50 to 61.56, 0.8 inch 52.50 to 61.56, 0.9 inch 50.00 to 58.71. Illinois Direct Hogs 16,169 head. Demand light to moderate. prices for 300-400, 400-500, 500-600 and over 600 pound ranges listed. Boars under 300 lbs 20.00-28.00, over 300 lbs 5.00-7.00.
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House passes 550 billion tax cut package in vote
The Republican led House approved a 550 billion tax cut plan trimming wages capital gains and some business levies while leaving corporate dividend tax relief below Bush’s request. The bill aims to boost growth with dividend and capital gains reductions and larger personal credits alongside a big equipment write off for small business. Senate debate follows next week with its own growth package.
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Stocks gain as earnings outlooks lift markets
Wall Street rallied on upbeat outlooks from Intel and Nvidia fueling buy orders after two declines. The Dow rose 113.38 points to 8,604.60, its highest since January, with Nasdaq up 30.46 to 1,520.15 and S&P at 933.41. For the week all three indices finished higher—Dow up 0.3 percent, Nasdaq 1.2 percent, S&P 0.4 percent.
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