Commodities : Tuesday, Aug. 11, 1987 : Grain Prices Move Higher
Grain and soybean futures moved a little higher Tuesday on the Chicago Board of Trade, but analysts said a government crop report issued after the close of trading probably will bring prices back down.
On other markets, precious metals advanced, cattle were mostly higher while pork futures weakened, and oil futures advanced.
The U.S. Department of Agriculture crop report showed a better corn and soybean harvest than had been expected as well as increased production in the Soviet Union.
“What’s really surprising is that despite fairly dry conditions in late July, we’re still looking at record corn yields of 121.4 bushels per acre,” said Joel Karlin, an analyst in Chicago with Research Department Inc.
The anticipated soybean yield of 34.7 bushels an acre is just below the record, he said.
The mild spring gave farmers an early start planting corn and soybeans and this apparently is the main factor in the high yield this season, said Karlin.
The USDA projected the Soviet Union’s total grain production for this year at 205 million tons, up 10 million tons from the estimate a month ago.
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