COMMODITIES : Grain Prices Rise on Talk of Soviet Deals

Rumors that the United States would offer the Soviet Union subsidized wheat under an export enhancement program and reports that the Soviets had bought more U.S. corn helped push grain and oilseed futures higher Friday on the Chicago Board of Trade.

On other futures markets, copper surged; precious metals, energy, livestock and meat futures all advanced, and coffee fell slightly.

After trading closed at noon CST ahead of the holiday, the Agriculture Department announced a spate of export deals with the Soviets. These included offers of 2 million metric tons of wheat under the export enhancement program, sales of 750,000 tons of corn, and an increase, to 16 million metric tons, in the amount of grain the Soviets can buy under the U.S.-Soviet grain pact.

Soybeans, soybean meal and soybean oil prices were also higher in sympathy with grains and on scattered rumors that the Soviets also bought more U.S. soybean meal.

Wheat settled 1 cent to 2 cents higher, with March at $4.4050 a bushel; corn was 0.25 cent to 1.75 cents higher, with March at $2.8450 a bushel; oats were 3 cents to 5 cents higher, with March at $2.37 a bushel, and soybeans were 3 cents to 8 cents higher, with January at $7.9650 a bushel.

Coffee futures prices slipped on New York’s Coffee, Sugar & Cocoa Exchange on news that a Brazilian dockworkers strike had ended. The strike began Dec. 13.

Despite the strike’s end, though, analysts said near-term availability of coffee remained extremely tight, a bullish factor as cold weather in the Northern Hemisphere brings coffee consumption to its annual peak.

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