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Grain futures close lower

  |   Jan. 7, 2011 at 4:38 PM
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CHICAGO, Jan. 7 (UPI) -- Grain futures closed lower Friday on the Chicago Board of Trade as a strong dollar and weather forecasts undermined prices.

Corn was off 5 3/4 to off 7, soybeans were off 11 3/4 to off 13, wheat was off 7 to off 14 1/2 and oats were off 1 to off 7.

Weakness in other markets sent corn lower on fears of continued fund trader selling and sluggish demand in cash markets. Rain in Argentina and favorable weather in Brazil also played a role.

Fears of index fund selling pushed soybeans lower amid worries that China will continue to tighten policy. A strong dollar and weakness in other commodities also depressed prices.

Wheat continued this week's slide after starting Monday at the highest level since August. Wheat closed at its lowest level since Dec. 21, with the strong dollar and weakness in other commodities playing a role. Forecasts for snow and cold weather in the Plains also provided a negative influence.

The prices:

Corn: Mar 5.95 off 7, May 6.03 3/4 off 7, Jly 6.08 1/2 off 6 1/2, Sep 5.69 1/2 off 5 3/4.

Soybeans: Jan 13.56 3/4 off 11 3/4, Mar 13.65 off 13, May 13.73 3/4 off 12 3/4, Jly 13.77 3/4 off 11 3/4.

Wheat: 8.01 3/4 off 14 1/2, Jly 8.21 off 7 1/4, Sep 8.38 off 7, Dec 8.52 off 8 3/4.

Oats: Mar 3.70 3/4 off 7, May 3.75 1/2 off 7, Jly 3.76 1/2 off 6, Sep 3.51 1/2 off 1.

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