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Wheat Futures Prices Rise

May 07, 1986|From Associated Press

Wheat futures prices advanced strongly in light trading Tuesday and concerns about possible Soviet farm damage from the Chernobyl nuclear disaster still loomed in the background.

Wheat for delivery in May jumped 18 cents a bushel on the Chicago Board of Trade and most other contracts were about 8 cents higher.

Corn futures also rose, but the soybean complex closed mostly weaker.

Traders said wheat prices were bolstered by an unwillingness among many traders to take short positions--that is, to sell contracts with the hope of buying them back later at a lower price--for fear prices might not come down before the contracts expire.

But they also said several unsubstantiated rumors related to Soviet grain added to the market's bullish tone.

Among the speculation was that private forecasters significantly lowered their outlook for the Soviet coarse grain harvest, that the United States was about to make grain available under favorable terms to Russia and that the Soviets were busy chartering ocean-going ships for moving grain.

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