SOVIETS RUMORED TO HAVE BOUGHT MORE U.S. CORN
The Soviet Union is rumored
this morning to have bought up to 1.5 mln tonnes of U.S. corn,
export trade sources said.
    The amount was not confirmed, but the talk was widespread
through the trade. Gulf cash barge basis levels jumped two to
three cents this morning on the rumors, which were expected to
boost futures prices on today's open.
    The Soviet Union recently bought over 1.0 mln tonnes of
U.S. corn, ostensibly as a conciliatory gesture ahead of trade
talks with U.S. agriculture officials.
    Purchases rumored today were seen as a positive factor in
light of a Soviet trade official's statement that the previous
purchase had satisfied near-term needs.
 Reuter
