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Corn, soybeans lower on CBOT

July 11, 2012 at 9:04 PM

CHICAGO, July 11 (UPI) -- U.S. corn and soybean futures closed lower Wednesday on the Chicago Board of Trade, as profit-taking erased early gains.

Corn was off 10 1/4 to off 14 1/2, soybeans were off 16 to off 25 3/4, wheat was up 3 to up 3 1/4 and oats were off 12 3/4 to off 14 1/4.

The roller coaster trading was fueled by U.S. Department of Agriculture reports that slashed the estimate for this fall's corn yield to 146 bushels an acre from 166 bushels an acre. The report was considered bullish against trade expectations, analysts said.

USDA pegged U.S. soybean ending stocks at 130 million bushels, compared with 140 million last month. Yield was adjusted lower to 40.5 bushels an acre from 43.9 posted last month.

Wheat was lower at midday but rallied at the close on short covering and concern over Black Sea wheat production.

The prices:

Corn: Jly 7.70 3/4 off 10 1/4, Sep 7.04 off 14 1/2, Dec 7.04 off 13 1/2, Mar 7.08 1/4 off 14 1/2.

Soybeans: Jly 16.23 1/2 off 25 3/4, Aug 15.71 1/2 off 19, Sep 15.40 3/4 off 17, Nov 15.22 1/2 off 16.

Wheat: Jly 8.07 3/4 up 3, Sep 8.26 1/4 up 5, Dec 8.38 1/4 up 3, Mar 8.46 1/2 up 3 1/4.

Oats: Jly 3.61 1/2 off 14 1/4, Sep 3.64 1/4 off 12 3/4, Dec 3.66 1/4 off 14 1/4, Mar 3.70 1/2 off 14.

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