Commodities for Monday, Sept. 16, 1985 : Grain Prices Mostly Higher
Grain and soybean futures prices were mostly higher Monday on the Chicago Board of Trade.
Buying by commercial companies that process and export grains was a major factor in the rally, analysts said. Their buying gave strength to recent rumors that the Soviet Union is buying U.S. corn and wheat, said Dale Gustafson, a grain analyst in Chicago with Drexel Burnham Lambert.
Prices initially were under pressure, partly because the U.S. dollar was gaining strength in early trading against foreign currencies, which makes U.S. commodities more expensive and less attractive on export markets.
Prices recovered as the dollar slipped back in late trading, Gustafson said.
He said he doubted that a rally could be sustained, however, because the harvest is under way and the weather forecast is generally helpful for farmers doing field work.
An announcement that the Commodity Credit Corp. lowered the price at which it can sell the soybeans in its stockpile prompted little reaction, but analysts said the move would discourage rallies.