Grain prices sharply lower Monday

CHICAGO, Oct. 6 (UPI) -- Grains closed sharply lower on the Chicago Board of Trade Monday as crude oil prices reached an eight-month low in New York.

Corn was off 30, soybeans were off 70, wheat was off 45 to off 46 3/4 and oats were off 20.

Corn prices fell as traders said the national credit crisis has impacted the availability of export letters of credit. Both Argentina and Australia expected frost on some wheat growing areas this week. Soybeans fell in spite of substantially elevated export inspections on the week.

The prices:

Corn: Dec 4.24, off 30; Mar 4.42 1/2, off 30; May 4.54 3/4, off 30; Jul 4.66, off 30.

Soybeans: Nov 9.22, off 70; Jan 9.38 1/2, off 70; Mar 9.51 1/2, off 70, May 9.62 1/2, off 70.

Wheat: Dec 5.95 1/4, off 45; Mar 6.16, off 45 3/4; May 6.29 3/4, off 46 1/2; Jul 6.42, off 46 3/4.

Oats: Dec 2.94, off 20; Mar 3.11 1/2, off 20; May 3.23, off 20; Jul 3.34 1/2, off 20.