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Prices mostly lower Friday on CBOT

Aug. 31, 2012 at 5:00 PM

CHICAGO, Aug. 31 (UPI) -- Profit-taking took its toll on futures prices on the Chicago Board of Trade Friday ahead of the long Labor Day weekend.

Corn was off 6 1/2 to off 8 3/4, soybeans were off 4 to off 7, wheat was off 10 to off 13 1/2 and oats were up 1 to up 2 1/4.

Pressure from wheat and a looming three-day weekend sent corn traders into profit-taking mode, sending prices sharply lower. Technical selling and spread pressure contributed to the negative tone.

After hitting an all-time high Thursday, soybeans sank under pressure from corn and wheat.

Wheat slipped on a lack of evidence Russia would impose wheat export restrictions, prompting traders to take profits ahead of the Labor Day weekend.

The prices:

Corn: Sep 8.02 3/4 off 8 3/4, Dec 7.99 3/4 off 8 3/4, Mar 8.02 off 6 3/4, May 7.95 off 6 1/2.

Soybeans: Sep 17.64 1/2 off 5 3/4, Nov 17.56 1/2 off 7, Jan 17.51 off 6 1/2, Mar 16.84 1/4 off 4.

Wheat: Sep 8.70 off 13 1/2, Dec 8.89 1/2 off 13 1/2, Mar 8.99 1/2 off 11 1/2, May 8.95 off 10.

Oats: Sep 3.88 1/2 up 1, Dec 3.97 1/2 up 2 1/4, Mar 3.97 up 2, May 3.96 up 1 1/4.

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