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Most grain futures close lower Thursday

Aug. 2, 2012 at 5:05 PM

CHICAGO, Aug. 2 (UPI) -- Grain futures closed mostly lower on the Chicago Board of Trade Thursday as the dollar rose 0.31 percent.

Corn was off 3/4 to off 6 1/2, soybeans were off 10 1/2 to off 29 1/4, wheat was off 14 1/4 to off 18 1/4 and oats were up 1/2 to up 1 1/2.

Corn prices fell as the dollar's influence outweighed price support provided by a 1.5 million metric ton sale to Mexico. Wheat futures also dropped, although rain in the Black Sea wheat growing region was seen as too late to reverse damage from a prolonged drought. Rain is in the forecast in another drought-stricken region, the Midwest, but it is expected to be scattered and light -- not a great help to either corn, soybeans or wheat.

The prices:

Corn: Sep 7.94 off 6 1/2, Dec 7.95 3/4 off 4 3/4, Mar 7.97 1/2 off 1 1/2, May 7.91 off 3/4.

Soybeans: Aug 16.53 off 29 1/4, Sep 16.23 1/2 off 15 1/4, Nov 16.16 1/2 off 12 1/2, Jan 16.10 1/4 off 10 1/2.

Wheat: Sep 8.65 off 14 1/2, Dec 8.79 1/2 off 14 1/4, Mar 8.84 1/2 off 14 1/4, May 8.62 1/2 off 18 1/4.

Oats: Sep 3.71 3/4 up 3/4, Dec 3.72 1/2 up 1/2, Mar 3.74 up 1 1/2, May 3.75 3/4 up 1 1/2.

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