Commodities : Thursday, Aug. 14, 1986 : Grains, Soybeans Rally

Grain and soybean futures prices rallied Thursday to wipe out losses induced on Wednesday by a government forecast showing a huge harvest in the making.

Soybeans were the biggest gainer, with the nearby contract up 11 3/4 cents a bushel on the Chicago Board of Trade.

The strength came from a variety of factors, including a firming tone that began to creep into the market late Wednesday, said Robert Lekberg, an analyst in Chicago with Shearson Lehman Bros.

In some other markets, platinum put on a late rally and pulled gold and silver higher; oil futures were slightly higher in very light trading.

Corn futures were helped by “the fact that the lights didn’t go out on corn after the report” from the Agriculture Department forecasting a near-record harvest, Lekberg said. “Also, there were Soviet undertones, as well,” he said, pointing out that Russia bought half a million tons of barley from Canada on Wednesday and that the European Communities may be about to cut a deal with the Soviets.

Platinum futures put on a late rally at the New York Mercantile Exchange and gained $10.80 an ounce.