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Grain futures close higher on CBOT

Aug. 3, 2012 at 5:04 PM

CHICAGO, Aug. 3 (UPI) -- Futures closed higher on the Chicago Board of Trade Friday as drought conditions continued in the Midwest grain belt.

Corn was up 11 cents to up 16, soybeans were up 3 1/4 to up 14 3/4, wheat was up 18 3/4 to up 26 and oats were up 5 1/4 to up 6 1/4.

Corn prices closed the week with small gains on declining crop estimates as dry conditions continued in the Midwest grain belt and as the dollar's weakness outweighed price support provided by sales to Mexico.

Wheat futures were sharply higher amid liquidation and profit taking as dry weather hurt crop forecasts in India.

The prices:

Corn: Sep 8.10 up 16, Dec 8.07 1/2 up 11 3/4, Mar 8.08 3/4 up 11 1/4, May 8.02 up 11.

Soybeans: Aug 16.56 up 3 1/4, Sep 16.35 3/4 up 12 1/4, Nov 16.28 3/4 up 12 1/4, Jan 16.26 1/2 up 14 3/4.

Wheat: Sep 8.91 up 26, Dec 9.03 3/4 up 24 1/4, Mar 9.05 1/4 up 20 3/4, May 8.81 1/4 up 18 3/4.

Oats: Sep 3.78 up 6 1/4, Dec 3.78 up 5 1/4, Mar 3.79 3/4 up 5 3/4, May 3.81 1/2 up 5 3/4.

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