Wheat and soybeans futures prices were higher and corn prices were fractionally lower in light volume Tuesday on the Chicago Board of Trade. Traders said the market responded to the ups and downs of the U.S. dollar.
Analysts said futures prices were lower at the start of trading, especially in the soybean pit, because of a stronger U.S. dollar, which makes U.S. farm exports more expensive. But as the dollar weakened during the day, grains and soybeans prices rose.
The biggest shift in trading was wheat for delivery in May, closing 5.5 cents higher.
News from Brazil, an export rival of the United States, affected the soybean trading, said Bob Lekberg, a grains analyst in Chicago with Shearson Lehman Bros. Brazil's harvest weather continues to improve, but the new government there has imposed a price freeze, leading many to believe that export controls may not be far away, Lekberg said.
Foreign buying supported BOT prices, said Jerry Gidel, a grains analyst in Chicago with Paine Webber.
Gold and silver prices were slightly higher on the New York Commodity Exchange.