CHICAGO, Nov. 19 (UPI) -- Grain futures closed lower Tuesday on the Chicago Board of Trade after China tightened its monetary policy to slow inflation.
Corn was off 20 to off 21, soybeans were off 38 to off 40 1/2, wheat was off 1/4 to off 3/4 and oats were off 2 to off 3.
Corn futures dropped despite the dollar index falling 0.12 percent as the People's Bank of China raised its bank reserve ratio for the second time in two weeks. Wheat prices fell slightly finding support from a forecast of continued dry weather in winter wheat areas. Soybeans prices plunged as China said it would sell from its soybean reserves next week.
The prices:
Corn: Dec. 5.20 3/4, off 21; Mar 5.34 3/4, off 21; May 5.42, off 20 1/2; Jul 5.45 3/4, off 20.
Soybeans: Jan 12.01 1/2, off 40 1/2; Mar 12.09, off 40 1/4; May 12.10, off 38 1/2; Jul 12.12, off 38.
Wheat: Dec 6.44 1/2, off 3/4; Mar 6.84, off 1/2; May 7.08 1/2, off 3/4; Jul 7.20 1/4, off 1/4.
Oats: Dec 3.53 1/4, off 2 1/4; Mar 3.66, off 2; May 3.71 3/4, off 2; Jul 3.76, off 3.
