Commodities : Tuesday, Nov. 5, 1985 : Corn, Soybeans Still Strong
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Corn and soybean futures prices continued to show strength Tuesday on the Chicago Board of Trade, even though farmers are hauling in one of the biggest harvests ever.
Stronger demand and the farmer-held reserve program contributed to the strength of grain prices, analysts said. The recent rally also has triggered buying by speculators hoping to cash in on the move.
A report Monday from the Agriculture Department that more than 40,000 bushels of corn was inspected for export in the week that ended last Thursday helped stir the buying fervor.
The recent rally also has been helped by reports that the Soviet Union has been buying U.S. corn, and after the close of trading the USDA said the Soviets had purchased another 200,000 metric tons.
Farmers’ use of the government loan program, which provides loans for farmers who put their grain into storage, has helped relieve harvest pressure, said Dale Gustafson, a grain analyst in Chicago with Drexel Burnham Lambert.
Coffee prices retreated for the second straight session on the Coffee Sugar and Cocoa Exchange in New York.
Prices have been under pressure since the weekend, when heavy rain fell in Brazil, relieving drought conditions there.
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