Grain and soybean futures prices were mostly higher Tuesday on the Chicago Board of Trade as the U.S. dollar continued to sag against foreign currencies, heightening the prospect for better exports of American farm products.
Much of the gain was associated with the strength of foreign currencies, which makes U.S. products more attractive for foreign buyers, said Bob Lekberg, a grain analyst in Chicago with Shearson Lehman Bros. Volume was light.
Wheat prices also were boosted by a report that the Agriculture Department had made Morocco eligible to buy 1.5 million tons of U.S. wheat under the export bonus program.
However, the Common Market recently took retaliatory steps against the United States by increasing its wheat subsidies for sales to the Mediterranean basin, the area targeted by the U.S. program.
Another USDA report, disclosing better-than-expected wheat exports last week, also encouraged buyers, analysts said.
Corn prices were steady. The USDA announced that the Soviet Union bought an additional 800,000 tons of U.S. corn, but the announcement failed to generate much buying.