Grain Up; Soybeans Mixed

Grain futures prices were mostly higher and soybeans were mixed Monday on the Chicago Board of Trade.

The week got off to a slow start. There were few developments over the weekend; a report on inventories of soybean oil was not to be released until later this week. European markets were slow because of the May Day holiday Wednesday.

Victor Lespinasse, a grain analyst in Chicago with Dean Witter Reynolds, said grains turned in a disappointing performance late in the session when they fell despite a rally in foreign currencies, a development that usually prompts stronger grain prices.

Wheat prices were helped slightly by concern about tight deliverable supplies. Today is the first day that traders can begin delivering product against the futures contract for delivery in May and analysts said they don’t expect any wheat or corn to be delivered.

Soybean meal deliveries could be substantial, however, and those prices were lower.

Soybeans for delivery in the fall were higher, as many analysts believe that soybean acreage will be less than expected, Lespinasse said.