Commodities : Wednesday, Dec. 18, 1985 : Most Soybean Futures Drop

Most soybean futures prices declined on the Chicago Board of Trade Wednesday with traders eyeing the weather in Brazil.

It was a nervous market, said Dale Gustafson, an analyst in Chicago with Drexel Burnham Lambert Inc.

Gustafson noted that a poor close Tuesday coupled with a forecast of rain in the parched Brazilian bean growing areas kept traders on edge. Volume in the soybean complex was on the light side most of the day.

Grain prices also were lower, despite some excellent commercial buying of corn futures with the expectation of more export business coming soon.

Wheat prices were off, he said, apparently with traders disappointed in the export news, particularly since Egypt and Turkey didn’t come in for as much wheat as had been hoped.

Wheat prices settled 1 cents to 6 1/2 cents lower, with the contract for delivery in December at $3.40 a bushel; corn was cent to 2 3/4 cents lower, with December at $2.49 3/4 a bushel; oats were 1/2 cent to 1 cents lower, with December at $1.34 a bushel, and soybeans were 3 3/4 cents lower to cent higher with January at $5.22 a bushel.