Commodities : Tuesday, Nov. 19, 1985 : Wheat Futures Prices Surge

The price of wheat for delivery in the next six months continued to surge Tuesday on the Chicago Board of Trade amid reports of anticipated exports.

Soybeans posted a modest recovery from Monday’s sharp decline, corn was mixed and wheat for delivery next summer, after the crop currently being planted is harvested, was lower.

Farmers haven’t been selling much wheat on cash markets recently and export business has been increasing, said Walter Spilka, a grain analyst in New York with Smith Barney, Harris Upham & Co.

Analysts said Egypt has been given U.S. financing assistance and will seek bids for wheat next week. In addition, some reports said Zaire and Turkey might be able to buy U.S. wheat under the export bonus program.

Wheat prices have rallied 50 cents a bushel since the middle of September. Prices for delivery next summer were under pressure, however, following a USDA report that the crop being planted is in good shape.

Soybeans recovered partly on speculative buying after the sharp declines of the previous two sessions, Spilka said. Analysts said demand for soybean meal in Europe was strong as well.