Grains and soybean futures prices were mixed to mostly higher Thursday on the Chicago Board of Trade, and traders said a weaker U.S. dollar spurred buying in the pits.
The dollar’s weakness especially supported price advances in the soybean complex, where trading was very active, analysts said.
“The dollar was a big influence and set the tone for the early action,” said Jerry Gidel, a grains analyst in Chicago for Paine, Webber, Jackson & Curtis.
A cheaper dollar makes American farm products more attractive to buyers overseas.
The analysts said that reports of overseas buying in vegetable oils also helped push prices soybean higher.
But trading in the grains was dull, according to Bob Lekberg, a grain analyst in Chicago with Shearson Lehman Brothers. He said traders were nervously awaiting Agriculture Department reports Friday on crop productions estimates.
Gold futures prices were mixed and silver prices slightly higher on the New York Commodity Exchange.