Commodities for Thursday, April 25, 1985 : Grain and Soybeans Lower
Grain and soybean futures prices were mostly lower in moderate to active trading Thursday on the Chicago Board of Trade.
Soybean oil was the lone exception as it continued to climb to new high prices with support from a report that India bought 40,000 tons of soybean oil, possibly from U.S. sources, and from rumors that the Soviet Union was in the market for vegetable oils, said Jerry Gidel, a grain analyst in Chicago with PaineWebber.
Strength in the oil market also helped soybean prices until late in the session, when a report from a Brazilian agency unsettled the market by forecasting a soybean crop of 17.6 million metric tons, 1 million more than a previous estimate by a different Brazilian agency, Gidel said.
He said wheat prices were under pressure from a revised weather forecast that dropped the possibility of a potentially crop damaging freeze.
Cattle futures prices were lower, and live hogs and frozen pork bellies were higher on the Chicago Mercantile Exchange.
Precious metals prices were slightly higher in light trading on the Commodity Exchange in New York.
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