Commodities : Tuesday, Oct. 8, 1985 : Wheat Futures Prices Surge

Wheat futures prices surged Tuesday on the Chicago Board of Trade following reports of weather-related export problems in Canada.

The rally in wheat also propeled prices of corn and soybeans. Volume was moderate.

Susan Hackmann, a grain analyst with Agri Analysis in Chicago, said Canada’s weather problems began in the spring, when dry conditions persisted in wheat-growing areas.

Recently, snow has fallen in many wheat areas, and farmers there are concerned that the crop, some of which is already harvested and waiting to be stored, might be damaged.

Reports that Canada would suspend exports of its top-quality wheat fueled the buying.

However, Pat Keena, information officer for the Canada Wheat Board, a trade organization, said the suspension applies only to “occasional” customers. She said the the country is still supplying customers that already have trade agreements and those who regularly buy wheat from Canada.

Canada is the second-largest wheat exporter in the world, and some of those customers unable to buy Canadian wheat might turn to the United States, analysts said.