Commodities for Friday, March 15, 1985 : Sale to Egypt Boosts Wheat Prices

Wheat prices were higher and corn and soybeans were mixed in light trading Friday on the Chicago Board of Trade.

Wheat prices were supported by news that Egypt had purchased 188,000 tons of U.S. wheat, said Bob Lekberg, a grain analyst with Shearson Lehman Bros.

Corn prices failed to advance despite reports of new export sales. On Thursday, the Agriculture Department announced the sale of 535,000 metric tons of corn, 100,000 to the Soviet Union and 435,000 to an undisclosed buyer, which analysts said probably is the Soviet Union. On Friday, the USDA announced the sale of another 850,000 tons of corn to the Soviets and another 350,000 tons to an undisclosed buyer, which again, analysts said, probably is the Soviet Union.

Soybean oil prices continued to advance amid concern that deliverable supplies might fall short of commitments for delivery established in March futures contracts, which expire Wednesday.

Livestock and meat prices were mostly lower on the Chicago Mercantile Exchange, with the cattle contract for delivery in April falling to a new low for the third time this week.