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U.S. grains lower on CBOT

July 10, 2012 at 6:58 PM

CHICAGO, July 10 (UPI) -- Grain futures closed lower Tuesday on the Chicago Board of Trade as traders took profits off Monday's sharp gains.

Corn was down 12 1/2 to down 14 1/4, soybeans were down 9 1/4 to down 16 1/4, wheat was down 6 to down 10, oats were down 3/4 to up 1.

Traders are waiting for Wednesday's U.S. Department of Agriculture updated domestic and global ending stocks. Negative corn crop tour reports continue to circulate and soybean stocks are expected to be lower, analysts said. Significant cuts in wheat production for the Black Sea region are also expected.

A stronger dollar and lower crude lower prices Tuesday also tilted the market lower, analysts said.

The prices:

Corn: Jly 7.61 down 14 1/4, Sep 7.18 1/2 down 13 1/2, Dec 7.17 1/2 off 12 1/2, Mar 7.22 3/4 off 12 3/4.

Soybeans: Jly 16.48 3/4 down 16 1/4, Aug 15.90 1/2 down 16 1/4, Sep 15.57 3/4 down 15 1/2, Nov 15.38 1/2 down 9 1/4.

Wheat: Jly 8.04 3/4 down 6, Sep 8.21 1/4 down 7, Dec 8.35 1/4 down 8 1/2, Mar 8.43 1/4 down 10.

Oats: Jly 3.74 3/4 up 1, Sep 3.77 down 3/4, Dec 3.80 1/2 up 1, Mar 3.84 1/2 up 1.

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