Bad Weather Helps Wheat
Weather and government crop reports supported wheat prices but put pressure on corn and soybeans Tuesday on the Chicago Board of Trade.
Wheat prices were supported by the Agriculture Department’s winter wheat production estimate, which was released Monday and was 75 million bushels lower than the agency’s month-earlier report, said Walter Spilka, a grain analyst in New York with Smith Barney, Harris Upham & Co.
In addition, heavy rain in areas of Oklahoma and Kansas delayed the harvest and may have damaged some of the wheat crop there, Spilka said.
Soybeans and corn were under pressure because of the rain, which extended into the Corn Belt and was badly needed in some areas, Spilka said.
The USDA also lowered its estimate for soybean exports this year and raised the expected surplus for the end of the 1985-86 marketing year.
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