Commodities : Wheat Futures Prices Rise

Wheat futures prices responded sharply to hopes that export business may be picking up, gaining as much as 8 cents a bushel Wednesday on the Chicago Board of Trade.

On some other markets, oil futures moved a little higher, coffee declined and pork futures were lower.

In addition to wheat, corn and most soybean contracts also advanced at the Board of Trade.

The initial advances in wheat futures came from rumors that the Agriculture Department may soon expand the export bonus subsidy program to China, East Germany and Algeria, analysts said.

Also, traders said there were reports that a subsidized offer of 500,000 tons of wheat was made to Poland and indications that Egypt is in line to buy 200,000 tons of wheat.

The advancing prices tripped buy-stops and fueled the rally, traders said.

Export business also helped corn futures, although the main price direction came from the belief that the commodity had been oversold in recent days, said Jerry Gidel, an analyst with G. H. Miller & Co.