Grain prices lower in Chicago Wednesday

CHICAGO, July 23 (UPI) -- Grains tracked lower on the Chicago Board of Trade Wednesday as crude oil prices dropped more than $4 per barrel in New York.

Corn was off 1 1/2 to off 2; soybeans were off 22 1/2 to off 25; wheat was off 12 to off 13 1/2; oats were off 3/4 to off 2.

Corn trading jumped early, but fell throughout the day with beneficial weather forecast for most of the corn belt. Wheat prices fell as the winter wheat harvest continued with no major weather disruptions. Trades in soybeans were volatile Wednesday with rains expected in the Midwest, but conditions in Louisiana remaining hot and dry.

The prices:

Corn: Sep 5.71 1/2, off 2; Dec 5.90 1/2, off 1 3/4; Mar 6.09 3/4, off 1 1/2; May 6.22, off 1 3/4.

Soybeans: Aug 13.94 1/4, off 22 1/2; Sep 13.85 3/4, off 23 1/2; Nov 13.84, off 25; Jan 14.01 1/4, off 25.

Wheat: Sep 7.83 1/4, off 13 1/2; Dec 8.06 3/4, off 13; Mar 8.29 1/2, off 12 1/2; May 8.43 1/2, off 12.

Oats: Sep 3.85, off 2; Dec 4.03, off 2; Mar 4.22, off 2; May 4.22, off 3/4.