WHEAT FUTURES SURGE DESPITE `BAD' MARKET

From: THE JOURNAL RECORD | Date: October 28, 1986| Author: | Copyright information

The nation's farm economy may be choking on record-large wheat supplies, but you wouldn't know it from the price movements on the Chi cago Board of Trade in recent weeks.

Wheat futures for delivery in December finished last week at $2.88 a bushel, well above the $2.64 of early this month.

Behind this apparent anomaly is a tight supply of soft red winter wheat, the type traded on the Chicago exchange.

""A lot of people are talking about $3 wheat,'' said Victor Lespinasse, a trader in Chicago with Dean Witter Reynolds Inc., although when the price gets high enough - and that could be well ...

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