Grain futures fall Thursday

CHICAGO, July 16 (UPI) -- Grain futures closed lower on the Chicago Board of Trade Thursday, as the sector failed to follow oil prices, which made gains.

Corn was off 11 3/4 to off 12 3/4, soybeans were off 14 1/4 to off 44 1/2, wheat was off 1 1/2 to off 2 and oats were off 2 1/2 to off 3.

Corn futures fell with Japan and Mexico in the market for old crop contracts. Wheat prices dropped with China's announcement it would sell 750,000 metric tons from its reserve stockpiles. China also said it would sell 500,000 metric tons of stockpiled soybeans.

The prices:

Corn: Sep 3.16 3/4, off 12 3/4; Dec 3.25 1/4, off 12 1/4; Mar 3.39 1/4, off 11 3/4; May 3.48 3/4, off 11 3/4.

Soybeans: Aug 9.76, off 44 1/2; Sep 9.16, off 34 1/2; Nov 8.90,off 14 1/2; Jan 8.98, off 14 1/4.

Wheat: Sep 5.33 1/4, off 1 1/2; Dec 5.59 1/2, off 2; Mar 5.77 1/2, off 2; May 5.88 1/2, off 2.

Oats: Sep 2.14 1/2, off 3; Dec 2.26, off 3; Mar 2.38, off 2 1/2; May 2.46, off 2 1/2.