SHULTZ USSR TRIP FUELS TALK OF EEP WHEAT OFFER Speculation the United States will offer subsidized wheat to the Soviet Union appears to have reached a new level of intensity in the run-up to Secretary of State George Shultz' visit later this month to Moscow. Rumors of an impending deal have coursed through wheat markets since officials from the two countries held their customary, semi-annual grain talks in February. Moscow's decision at that time to reenter the U.S. corn market strengthened the perception of warming farm trade prospects. Shultz is set to arrive in Moscow April 13. Shultz' statement two weeks ago that he would not stand in the way of a wheat subsidy offer under the Export Enhancement Program, EEP, coupled with the announcement of his visit to Moscow, was interpreted by many grain trade representatives here as a clear signal that the Reagan administration was preparing an offer. Administration officials -- in and out of the U.S. Agriculture Department -- have been extremely tight-lipped about the prospects of a subsidy offer. But USDA officials for the most part have abandoned the contention the proposal is dormant, suggesting that an offer, while not a "done deal," is a live possibility. Prominent U.S. grain trade representatives -- many of whom asked not to be identified -- continue to maintain that an offer to subsidize four mln tonnes of wheat is imminent. Others, who one month ago claimed a deal was not possible, are saying they would not rule one out. Rep. Pat Roberts, R-Kan., yesterday went so far as to predict a subsidy offer would be made within the next ten days to two weeks. Aides to Roberts said he had spoken to Republican leaders who had been in contact with administration officials. Richard Fritz, director of international marketing at U.S. Wheat Associates, said he was confident an export enhancement offer would be made by the middle of this month. Fritz also said he thought the value of the bonus would end up being close to the offer Washington made Peking earlier this year when USDA approved subsidies to China of around 36 dlrs per tonne on one mln tonnes of wheat. Some grain trade representatives say a four-mln-tonne wheat subsidy offer might help stimulate more Soviet purchases of U.S. corn and open the door to U.S. sales of soybeans. As ever, one of the crucial sticking points in a wheat deal would appear to be price. Last summer the administration took the controversial step of offering the Soviets subsidized wheat -- but were embarrassed when Moscow spurned the proposal on the grounds that the 15-dlr-per-tonne subsidy still left U.S. wheat prices far above world market prices. The administration's decision to set the subsidy level up front instead of accepting bids from exporters appeared to be a means of controlling the price while attempting to dampen criticism, grain trade sources said. Nonetheless, the pricing procedure did not prevent Shultz from saying the Soviets were "chortling" because Washington was offering Soviet housewives cheaper grain than that available to U.S. housewives. The conventional wisdom among grain trade representatives here is that a general warming of relations between the two countries since last summer, combined with continued hard times in the U.S. grain belt, would favor a subsidy offer. In addition, the USSR has made it clear it would consider buying U.S. wheat if it were priced more competitively. However, observers have not forgotten the circumstances surrounding the administration's announcement of the wheat subsidy offer last summer. Up until the time of the announcment, congressional and industry leaders were led to believe the White House had decided to expand the Export Enhancement Program to include not only the Soviets, but also a much broader list of countries. Instead, the administration scaled back the offer to include only the Soviets. That last-minute change of heart adds a measure of uncertainty even to the predictions of those most convinced that the administration will not now pass up the opportunity to sell four mln tonnes of wheat to the Soviet Union.