Grain and soybean futures prices rallied to close higher Tuesday on the Chicago Board of Trade.
A lack of farmer selling amid a rush of corn and soybean harvesting gave those commodities a boost, said Joel Karlin, an analyst with Research Department Inc.
Wheat futures were helped by improved export prospects, with the Soviet Union and India among the likely buyers, said Karlin.
There was a report that a trade team from India will come to this country in early November to discuss the possibility of buying U.S. wheat.
On the close, wheat was 1 cent to 1 3/4 cents higher with the contract for delivery in December at $3.09 3/4 a bushel; corn was 2 3/4 cents to 6 1/2 cents higher with December at $1.85 a bushel; oats were 1 1/2 cents to 2 cents higher with December at $1.86 a bushel; and soybeans were 4 1/2 cents to 7 1/2 cents higher with November at $5.40 a bushel.
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