Commodities Tuesday, Nov. 11, 1986 : Grain, Soybean Futures Off
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Grain and soybean futures prices were mixed to sharply lower Tuesday after a bearish U.S. Department of Agriculture crop report pushed the markets into a corner and kept them in a defensive posture the entire day.
It was the second straight session that the USDA report, issued after the close of trading Monday, exerted pressure on the grains.
In other markets, many of them affected by a Veterans Day Holiday-thinned corps of traders, livestock and meat futures climbed higher, petroleum futures continued upward and precious metals turned in a mixed performance.
The USDA report showed the department underestimated the Soviet Union’s domestic production by at least 15 million tons. That means the Soviets will be shopping for about 6 million fewer tons of grain than had been expected.
Neither number caught traders entirely by surprise, however.
“The grains look like they’re where they belong,” said Steve Remsing of Jack Carl Associates in Chicago. “We’ve been in a 20-cent trading range for a while because of this and it will take something more drastic to change that.”
Wheat took the biggest hit as a result of the USDA report.
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