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Chicago grain futures mostly lower

Dec. 17, 2012 at 5:42 PM

CHICAGO, Dec. 17 (UPI) -- Grain futures were mostly lower in Chicago Monday as the dollar climbed to a 19-month high against the yen.

On the Chicago Board of Trade, corn was off 5 1/4 to off 6 3/4, soybeans were off 4 3/4 to off 6, wheat was up 2 1/4 to up 8 and oats were off 1/2 to up 1/4.

The dollar index was nearly flat, rising 0.05 percent to 79.93 on the International Exchange. The dollar, however, rose to 83.62 yen from Friday's 83.27 yen, its highest mark since April 2011.

Analyst said the dollar climbed after the Liberal Democratic Party election victory in Japan. It is expected the LDP has a higher chance of employing a strategy of monetary easing, The Wall Street Journal reported.

Corn prices dropped due to a slump in demand at the start of trading. Wheat futures rose with expectations of increased use by feedlots. Soybean prices were mixed with the export inspection pace at 51 percent of the U.S. Department of Agriculture estimate compared with a five-year average of 39 percent.

The prices:

Corn: Mar 7.24 off 6 3/4, May 7.27 1/2 off 6 1/4, Jly 7.25 off 5 1/4, Sep 7.43 1/4 off 6 1/4.

Soybeans: Jan 14.96 1/4 up 1/4, Mar 14.88 1/4 off 3 1/4, May 14.67 1/4 off 4 1/4, Jly 14.51 3/4 off 1 1/4.

Wheat: Mar 8.08 off 6, May 8.20 1/4 off 6, Jly 8.27 1/4 off 5 3/4, Sep 8.39 3/4 off 6.

Oats: Mar 3.89 1/4 off 1/2, May 3.94 3/4 off 1/2, Jly 3.94 3/4 up 1/4, Sep 3.84 1/4 up 1/4.

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