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Grains sharply lower Wednesday

May 2, 2012 at 6:22 PM   |   Comments

CHICAGO, May 2 (UPI) -- Grain futures shifted sharply lower on the Chicago Board of Trade Wednesday with the dollar index up 0.43 percent and equities mixed on Wall Street.

Corn was off 7 3/4 to off 17 1/2, soybeans were off 17 3/4 to off 22 3/4, wheat was off 26 to off 28 1/2 and oats were off 4 1/2 to off 8.

Corn futures dropped on pressure from continued beneficial weather after strong crop progress figures were released Monday. Wheat prices fell with pressure form the dollar and outside forces, including worries over the economy in Europe, where unemployment rates rose in March. Profit taking undermined soybean futures Wednesday, the corrective selling spree triggered by CME Group announcing changes in initial margin requirements would become effective May 7.

The prices:

Corn: May 6.42 1/4 off 17 1/2, Jly 6.11 1/2 off 17 1/2, Sep 5.39 1/4 off 11, Dec 5.31 off 7 3/4.

Soybeans: May 14.80 off 17 3/4, Jly 14.85 off 18 1/2, Aug, 14.65 3/4 off 21, Sep 14.09 3/4 off 22 3/4.

Wheat: May 6.07 off 26 3/4, Jly 6.14 1/2 off 28 1/2, Sep 6.30 1/4 off 27 1/2, Dec 6.53 3/4 off 26.

Oats: May 3.30 1/4 off 6, Jly 3.37 1/4 off 8, Sep 3.41 1/4 off 6 1/2, Dec 3.47 1/2 off 4 1/2.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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