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Major grains trade lower Tuesday

Published: July 8, 2008 at 7:58 PM

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(UPI Photo Files)

CHICAGO, July 8 (UPI) -- Grains traded lower Tuesday morning and gained through the day on the Chicago Board of Trade.

Corn was off 23 1/4 to off 24 1/2; soybeans were off 28 to off 31 1/2; wheat was up 3/4 to up 1 1/4; oats were off 8 to off 13.

Corn prices were pressured by reports the European Union was considering scaling back bio-fuel mandates. The winter wheat harvest remains behind its historic average, possibly leaving the unharvested 48 percent vulnerable to in-field deterioration. Mexico purchased 38,000 metric tons of soy oil Tuesday, including 28,500 metric tons of new crops.

The prices:

Corn: Jul 6.92 3/4, off 23 3/4; Sep 7.04 1/2, off 23 1/4; Dec 7.22 1/2, off 24 1/2; Mar 7.40, off 24.

Soybeans: Jul 15.62, off 28; Aug 15.49, off 30; Sep 15.38, off 29 1/4; Nov 15.29, off 31 1/2.

Wheat: Jul 2.23 1/4, up 1 1/4; Sep 8.36 1/2, up 1/2; Dec 8.59 3/4, up 3/4; Mar 8.82, up 1 1/4.

Oats: Jul 4.27, off 8; Sep 4.37, off 10 3/4; Dec 4.53, off 13; Mar 4.69, off 13.