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Prices mixed on CBOT

Sept. 14, 2012 at 4:51 PM

CHICAGO, Sept. 14 (UPI) -- Grain futures prices were mostly higher on the Chicago Board of Trade Friday on the U.S. Federal Reserve's decision to add stimulus to the economy.

Corn was up 3/4 to up 8 1/2, soybeans were off 2 1/4 to off 8 1/4, wheat was up 18 1/2 to up 22 1/4 and oats were up 4 to up 6 1/4.

A weakening dollar and a surge in wheat helped propel corn, which also received a boost from the decision by the Fed decision Thursday to institute a new round of bond buying.

Corn was seen as a hard asset for the short term. Too much rain in Argentina and too little in Brazil also spurred trading.

Wheat traders are optimistic about possible higher prices ahead as a result of developments in the Middle East and forecasts for the Australia crop coming in 3 million tons lower than earlier estimated.

Soybeans turned lower following early gains on a good export demand outlook and surging prices in South America.

The prices:

Corn: Sep 7.77 1/2 up 3/4, Dec 7.82 up 8 1/4, Mar 7.86 up 8 1/4, May 7.84 up 8 1/2.

Soybeans: Sep 17.36 1/2 off 7, Nov 17.39 off 8 1/4, Jan 17.40 off 8, Mar 17.02 3/4 off 2 1/4.

Wheat: Sep 8.97 1/2 up 18 1/2, Dec 9.24 1/4 up 22 1/4, Mar 9.36 1/2 up 21 3/4, May 9.32 up 20 3/4.

Oats: Sep 3.88 3/4 up 4, Dec 3.96 1/4 up 5, Mar 3.99 1/4 up 6 1/4, May 3.98 up 4 1/4.

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