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Grain prices close lower on CBOT

July 6, 2012 at 5:19 PM   |   Comments

CHICAGO, July 6 (UPI) -- Grain futures closed lower across the board Friday on the Chicago Board of Trade amid a surging dollar and hot, dry weather conditions.

Corn was off 13 1/2 to off 24 3/4, soybeans were off 6 3/4 to off 20 3/4, wheat was off 22 3/4 to off 31 3/4 and oats were off 3 1/2 to off 4 1/2.

A surging U.S. dollar and disappointing unemployment report were blamed for the drop in corn and beans as dry conditions continued in the Midwest and little prospect for rain was forecast there or elsewhere. Traders expect corn crop condition ratings to be lowered and soybean yields to be reduced. Wheat was pressured by corn and deteriorating economic conditions overseas. Profit-taking also played a role.

The prices:

Corn: Jly 7.43 1/4 off 24 3/4, Sep 6.95 1/4 off 13 1/2, Dec 6.93 off 15 1/2, Mar 7 off 15 3/4.

Soybeans: Jly 16.19 3/4 off 6 3/4, Aug 15.67 1/4 off 15 3/4, Sep 15.32 off 19 1/2, Nov 15.05 3/4 off 20 3/4.

Wheat: Jly 7.91 1/4 off 31 1/4, Sep 8.06 1/4 off 31 3/4, Dec 8.21 3/4 off 25 1/4, Mar 8.32 3/4 off 22 3/4.

Oats: Jly 3.51 1/2 off 4 1/2, Sep 3.61 3/4 off 3 1/2, Dec 3.59 1/2 off 4 1/2, Mar 3.63 1/2 off 4 1/4.

© 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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