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Grain Futures Prices Higher

October 18, 1985|From Associated Press

Grain and soybean futures prices were higher in moderate trading Thursday on the Chicago Board of Trade.

Wheat prices led the advance as reports of new export possibilities prompted buying, particularly by major exporters, analysts said.

The Agriculture Department announced that Turkey would be eligible to buy 500,000 tons of U.S. wheat under the export bonus program, and a national organization of wheat growers asked the USDA to make the Soviet Union eligible for purchases under the program.

The closing of the St. Lawrence Seaway also may have prompted buying in the wheat pit, as Canada will be unable to ship its product out and buyers may have turned to the United States, analysts said.

Corn and soybean prices were supported by the forecast for rain in some areas of the Corn Belt, which will delay the harvest.

Livestock and meat prices were mixed on the Chicago Mercantile Exchange.

Analysts said some traders became concerned that the recent rally might have run its course and prices were due for a setback.

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