The Soviet buying binge of U.S. corn that started last October reached 614 million bushels Monday, equal to 8 percent of the 1989 American crop.
The Agriculture Department reported Monday that private exporters sold 1.75 million metric tons of corn to the Soviet Union, meeting market expectations of another big purchase. That equals 69 million bushels with a farm value of about $184 million.
Meanwhile, in the heart of the Corn Belt, rains late last week stalled spring planting in Illinois, but Iowa farmers were close to two-thirds completed. Indiana corn planting was only slightly behind schedule.
On the Chicago Board of Trade Monday, grain and soybean futures prices advanced partly on expected new export business and partly related to speculative buying by large commodity funds.
Along with the Soviet corn rumors, futures prices were supported by reports of Pakistan seeking U.S. soybean oil, the Soviets perhaps taking soybean meal, slow exports of South American soybeans, and expectations that the Agriculture Department would offer more subsidized wheat for export.
On the Board of Trade, corn was 1 1/2 to 3 1/2 cents a bushel higher, soybeans rose 8 1/2 to 11 cents and wheat advanced 3 to 3/4 cents.
In the latest sale to the Soviets, reported after the market closed, department officials said 1.15 million tons were new while 600,000 tons were reported previously, but reclassified from ”unknown destinations” to the Soviet Union.
Midwest farmers moved into high gear on spring planting last week. Corn planting was 64 percent completed as of Sunday in Iowa, the nation`s top producing state, up from only 20 percent a week earlier, according to the National Agricultural Statistics Service. Iowa`s average is 59 percent-planted by this date for the last five years.
In Illinois, corn planting remains behind schedule because of muddy fields. Planting was 49 percent complete, down from 58 percent last year and a five-year average of 72 percent.
