Grain Prices Mostly Higher

Grain and soybean futures prices were mostly higher Wednesday on the Chicago Board of Trade as the harvest fell behind schedule and rumors that the Soviet Union purchased U.S. soybean meal spurred buyers.

Soybean meal prices led the rally, as rumors that the Soviets bought up to 2 million tons of soybean meal swept the market. There was no confirmation of such a purchase, however.

The rally in meal also supported soybean prices, said Richard Loewy, senior grain and oil seed analyst in New York with Prudential-Bache.

Both corn and soybeans were supported by rain moving into the Midwest, which will further delay the harvest in the heart of the Corn Belt.

But light selling pressured soybeans late in the session, as harvesting conditions have been good in the east central states such as Ohio, and the Mississippi Delta, Loewy said.

Loewy said wheat prices rallied primarily in sympathy with the other markets.

Traders said the farm bill passed by Congress will do little to help U.S. export markets and had little impact on prices.