Grain futures correct lower

Posted on Aug 23, 2012 in Business | 0 comments

Grain futures prices were mostly lower on the Chicago Board of Trade Wednesday, despite support from a weaker dollar.

Corn was off 1 to off 5 3/4, soybeans were unchanged to off 5 1/2, wheat was off 5 to up 1/4 and oats were off 3 3/4 to up 3/4.

Corn futures dropped slightly with the dollar index off 0.5 percent to 81.50 on the International Exchange lending support. Downward movement was mostly a correction after Tuesday’s gains with news bullish, but prices falling, anyway.

The wheat market was also influenced by profit-taking. In the soybean market, Tuesday’s sharp increases gave in to a modest turnaround Wednesday with early strength in the dollar helping to set the tone.

The prices:

Corn: Sep 8.30 1/4 off 1, Dec 8.34 3/4 off 4, Mar 8.33 1/4 off 4 1/2, May 8.23 1/4 off 5 3/6.

Soybeans: Sep 17.48 off 5 1/2, Nov 17.27 3/4 off 4 3/4, Jan 17.15 off 5 1/2, Mar 16.23 1/4 unchanged.

Wheat: Sep 8.96 1/2 off 4, Dec 9.17 off 5, Mar 9.25 1/4 off 4 3/4, May 9.15 1/2 up 1/4.

Oats: Sep 3.93 off 3 3/4, Dec 3.95 1/2 off 1 1/2, Mar 3.95 3/4 up 3/4, May 3.94 1/2 up 3/4.

Copyright 2012 by United Press International