Grains trade lower in Chicago Tuesday

CHICAGO, Sept. 2 (UPI) -- Grain prices trended down on the Chicago Board of Trade Tuesday as crude oil prices plummeted in New York following the Labor Day holiday.

At the Chicago Board of Trade, corn was off 15 1/4 to off16, soybeans were off 25 1/2 to off 30 1/2, wheat was off 34 1/2 to off 35 and oats were off 1 1/4 to off 2 3/4.

Corn prices dropped on news the Republican Party Platform included a cessation of corn ethanol mandates. Wheat prices fell on reports of beneficial rain in Australia. Soybeans areas as far north as Indiana may see Hurricane Gustav rains with unclear end-results.

The prices:

Corn: Sep 5.53, off 15 1/4; Dec 5.69 1/4, off 15 3/4; Mar 5.88, off 16; May 6.00 1/4, off 16.

Soybeans: Sep 13.01 1/2, off 30 1/2; Nov 12.98 1/2, off 25 1/2; Jan 13.15 1/2, off 26, Mar 13.27 3/4, off 26.

Wheat: Sep 7.44 1/4, off 35; Dec 7.66 3/4, off 34 1/2; Mar 7.90 3/4, off 34 1/2; May 8.05, off 34 1/2.

Oats: Sep 3.44, off 1 1/4; Dec 3.60, off 2 1/4; Mar 3.77 1/2, off 2 3/4; May 3.89 1/2, off 2 3/4.