Grain futures mostly lower Tuesday

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CHICAGO, Aug. 14 (UPI) -- Futures closed mostly lower on the Chicago Board of Trade Tuesday, as traders contemplated a possible cut in the ethanol mandate.

Corn was off 3 to off 4 1/2, soybeans were off 3 to up 23 3/4, wheat was off 17 1/2 to off 18 1/2 and oats were off 2 to off 4.

Corn prices were off slightly with Egypt in the market, purchasing Black Sea Wheat. Traders are also concerned ethanol mandates could be reduced to protect food prices, as a long drought could hurt production mostly in corn and soybeans.

Wheat prices also fell in sympathy with concerns over the ethanol mandate, as both grains have overlapping uses, including use in feedlots and a shortage in one creates demand in the other.

The prices:

Corn: Sep 7.79 3/4 off 3, Dec 7.89 off 3 1/4, Mar 7.91 1/4 off 4 1/2, May 7.88 1/4 off 4 1/2.

Soybeans: Aug 16.80 up 23 3/4, Sep 16.23 1/2 up 1 1/4, Nov 15.98 off 2 3/4, Jan 15.92 3/4 off 3.

Wheat: Sep 8.39 3/4 off 17, Dec 8.58 1/4 off 17 1/2, Mar 8.67 1/2 off 18 1/2, May 8.59 off 18 1/2.

Oats: Sep 3.68 1/2 off 3 3/4, Dec 3.68 1/2 off 2, Mar 3.70 off 2, May 3.73 off 4.