Commodities for Friday, Feb. 15, 1985 : Corn, Soybean Futures Rise

Corn and soybean futures prices were higher at the close of trading Friday on the Chicago Board of Trade, and analysts said soybeans could advance further in response to a new government report.

Activity was light throughout the session and there were few developments to support prices, said Victor Lespinasse, a grain analyst in Chicago with Dean Witter Reynolds.

Prices advanced, however, as many traders were buying back contracts they had sold earlier to even up their contract positions, he said. Traders were anxious to square their books because the Agriculture Department was to release a report on farmers’ planting intentions for corn and soybeans after the close of trading.

In its report, the USDA said farmers intend to plant 82 million acres of corn and 64 million acres of soybeans.

While the report is quite preliminary and reflects intentions that can change before planting time, it exerts an important influence in the market.

Jerry Hildebrandt, vice president for research with Clayton Brokerage in St. Louis, said traders expected soybean prices to increase slightly and corn prices to fall slightly in response to the report.