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Grains mostly lower Wednesday

Dec. 12, 2012 at 6:34 PM

CHICAGO, Dec. 12 (UPI) -- Grain futures closed mostly lower Wednesday after the U.S. Federal Reserve tweaked its monetary policy positions.

On the Chicago Board of Trade, corn was off 2 to off 3 1/4, soybeans were off 5 1/4 to up 1 1/2, wheat was off 9 1/4 to off 11 and oats were off 2 1/4 to off 3 1/2.

Corn closed slightly lower with demand described as sluggish. Wheat lost ground with traders still adjusting positions after Tuesday's release of the U.S. Department of Agriculture Supply & Demand report. Soybean prices fell with the dollar mixed in Asia and Europe.

The Fed said it would leave its key lending rate intact and would extend its asset purchasing programs, while keeping purchases at the same $85 billion per month pace. Stocks on Wall Street were little changed after the announcement.

The prices:

Corn: Dec 7.21 off 3 1/4, Mar 7.25 1/2 off 2 1/2, May 7.28 1/2 off 2, Jly 7.24 off 2 1/4.

Soybeans: Jan 14.73 1/2 up 1 1/2, Mar 14.70 1/2 off 3/4, May 14.55 off 4, Jly 14.40 3/4 off 5 1/4.

Wheat: Dec 7.94 3/4 off 11, Mar 8.12 off 9 1/2, May 8.24 1/2 off 9 1/4, 8.32 3/4 off 9 1/2.

Oats: Dec. 3.69 1/4 off 3 1/2, Mar 3.85 1/4 off 2 3/4, May 3.90 off 2 1/4, Jly 3.89 off 2 3/4.

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