Grain futures drop on weak economic data

Posted on Sep 21, 2012 in Business | 0 comments

Grain prices closed lower Thursday with soybeans falling sharply as traders sensed demand may weaken due to slow economic growth in China.

Corn was off 7 to off 10 1/2, soybeans were off 38 to off 51 1/2, wheat was off 2 to off 3 1/4 and and oats off 1 3/4 to off 2 1/2 .

Corn prices moved lower, as traders booked profits from Wednesday’s gains. Wheat futures traded slightly lower with some support coming from dry conditions in Australia. Soybeans losses were triggered by disappointing manufacturing data from China and Europe.

The prices:

Corn: Dec. 7.46 off 10 1/2, Mar 7.49 1/2 off 9 1/4, May 7.48 1/2 off 8, Jly 7.42 off 7.

Soybeans: Nov 16.18 3/4 off 50 3/4, Jan 16.17 3/4 off 51 1/2, Mar 15.75 3/4 off 51 1/4, May 15.20 off 38.

Wheat: Dec 8.79 1/2 off 2, Mar 8.91 1/2 off 2 1/4, May 8.92 off 3, Jly 8.63 1/4 off 3 1/4.

Oats: Dec 3.73 1/4 off 2 1/2, Mar 3.78 1/4 off 1 3/4, May 3.78 1/4 off 1 3/4, Jly 3.76 1/2 off 1 3/4.

Copyright 2012 by United Press International