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U.S. markets recover from steep losses
CHICAGO, Feb. 23 (UPI) -- Grain futures were mixed Thursday as pricing mostly ignored a sharp drop in the dollar index, which fell 0.73 percent.
Corn was up 1/2 to off 5 1/4, soybeans were up 4 1/2 to up 5, wheat was off 2 3/4 to off 5 1/2 and oats were unchanged to up 2 3/4.
Corn futures were mixed with ethanol production lower than expected for the week with an average of 919,000 barrels per day produced.
Wheat prices slipped with the International Grain Council raising its forecast for 2012 world production to 695 million metric tons, 5 million metric tons higher than a previous estimation.
Soybeans prices rose modestly with support from dry weather in southern Brazil checked by the U.S. Department of Agriculture raising its forecast of planted acreage from 74 million to 75 million.
The prices:
Corn: Mar 6.39 1/2 up 1 1/4, May 6.42 1/2 up 1 1/4, Jly 6.44 3/4 up 1/2, Sep 5.89 1/2 off 5 1/4.
Soybeans: Mar 12.76 3/4 up 4 1/2, May 12.83 1/2 up 4 3/4, Jly 12.91 1/4 up 4 3/4, Aug 12.85 1/2 up 5.
Wheat: Mar 6.41 3/4 off 2 3/4, May 6.41 off 4 3/4, Jly 6.55 off 5, Sep 6.72 3/4 off 5 1/2.
Oats: Mar 3.20 1/2 up 1 1/4, May 3.13 1/2 up 1 1/4, Jly 3.15 up 2 3/4, Sep 3.15 unchanged.
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