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Grains lower Wednesday

Dec. 19, 2012 at 4:51 PM

CHICAGO, Dec. 19 (UPI) -- Grain futures closed lower in Chicago Wednesday on concerns of stalled demand.

On the Chicago Board of Trade, corn was off 11 1/4 to off 17, soybeans were 18 1/2 to off 29 1/2, wheat was off 5 1/2 to off 7 and oats were off 3 to off 5 1/4.

Corn prices fell with pressure provided by the soybean market, which was hit with two large order cancellations Tuesday. A drop in wheat prices was held in check by recent price declines that have positioned U.S. wheat as more competitive on the global stage.

Soybeans futures dropped sharply for the second consecutive trading session as traders put themselves in position for a year end sell off.

The prices:

Corn: Mar 7.03 off 17, May 7.07 off 16 3/4, Jly 7.05 3/4 off 16, Sep 7.32 off 11 1/4.

Soybeans: Jan 14.37 off 29, Mar 14.31 off 29 1/2, May 14.19 1/2 off 25, Jly 14.14 off 18 1/2.

Wheat: Mar 8.05 3/4 off 5 1/2, May 8.17 1/4 off 5 3/4, Jly 8.23 off 6, Sep 8.34 off 7.

Oats: Mar 3.75 1/4 off 5 1/4, May 3.82 1/3 off 3 3/4, Jly 3.83 3/4 off 3, Sep 3.73 1/4 off 3.

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