Soybean Futures Prices Up
Soybean futures contracts were higher while wheat and corn were mixed Wednesday on the Chicago Board of Trade,
Anticipation of government reports on grain stocks and planted acreage was the dominant factor, as many traders evened up their contract positions by buying back contracts they had sold earlier.
The reports, released by the Agriculture Department after the close of trading, were in line with analysts’ expectations and were not expected to have much impact, analysts said.
While some analysts said the report supported predictions for excellent corn and soybean crops and a return to a bearish market, Tim Lyons, an independent trader, said the crops still could be damaged by unfavorable weather, which would push prices back up.
“I don’t think the last chapter is written for the ’85 crop yet,†he said. “Weather will continue to be the dominant consideration in the market in the next three to four weeks.â€
A forecast for cold temperatures in Brazil triggered a sharp rally in coffee futures on the Coffee, Sugar & Cocoa Exchange in New York.
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