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Grains close higher in Chicago

Jan. 14, 2013 at 6:22 PM

CHICAGO, Jan. 14 (UPI) -- Grain futures closed sharply higher on the Chicago Board of Trade with traders still adjusting positions to fit Friday's production report.

Corn was up 8 to up 16, soybeans were up 35 to up 44 3/4, wheat was up 8 3/4 to up 12 1/4 and oats were up 4 to up 7 1/2.

Corn prices rose with the dollar index flat, but traders moving positions after Friday's bullish production report.

Wheat futures rose. Friday's report showed more corn and wheat in production as animal feed than was previously expected.

Soybeans prices jumped with 120,000 metric tons sold to China in addition to Friday's 120,000 metric ton purchase.

The prices:

Corn: Mar 7.24 up 15 1/4, May 7.23 up 16, Jly 7.14 up 15 1/4, Sep 6.10 up 8.

Soybeans: Jan 14.59 3/4 up 35, Mar 14.18 up 44 3/4, May 14.05 1/4 up 41 1/4, Jly 13.98 3/4 up 41 1/4.

Wheat: Mar 7.67 up 12 1/4, May 7.73 1/2 up 11 1/2, Jly 7.77 up 10, Sep 7.84 3/4 up 8 3/4.

Oats: Mar 3.54 up 7 1/4, May 3.59 3/4 up 7 1/2, Jly 3.64 3/4 up 7 1/4, Sep 3.64 up 4.

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