USDA report weighs on grain futures

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CHICAGO, April 10 (UPI) -- Grain futures closed lower Tuesday with the U.S. Department of Agriculture's supply and demand viewed as bearish.

Corn was off 6 3/4 to off 15 1/2, soybeans were off 5 to off 12 3/4, wheat was off 14 3/4 to off 17 1/4 and oats were off 3/4 to off 5 1/4.

Corn rallied early, but slipped with the USDA estimating ending stocks for the 2011-2012 season at 801 million bushels, unchanged from March. However, demand for old crop corn in August is predicted to drop as the early planting season will put new crop in silos by then. Wheat was pegged at 793 million bushels, down from 825 million in March. This was offset by improved conditions reported for winter wheat and spring wheat plantings ahead of historic averages. Soybean prices closed lower with ending stocks down 25 million bushels from last month, but 10 million bushels higher than expected.

The prices:

Corn: May 6.34 3/4 off 14 1/4, Jly 6.25 3/4 off 15 1/2, Sep 5.60 3/4 off 7 3/4, Dec 5.43 1/2 off 6 3/4.

Soybeans: May 14.26 off 5, Jly 14.27 1/4 off 7 1/2, Aug 14.18 1/4 off 7 3/4, Sep 13.88 1/4 off 12 3/4.

Wheat: May 6.25 3/4 off 17 1/4, Jly 6.32 off 17, Sep 6.48 1/2 off 15 1/4, Dec 6.69 3/4 off 14 3/4.

Oats: May 3.33 off 5 1/4, Jly 3.33 1/2 off 3 1/2, Sep 3.32 1/2 off 3/4, Dec 3.35 off 6 3/4.