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Grain futures upturn stalls

Jan. 17, 2013 at 5:30 PM

CHICAGO, Jan. 17 (UPI) -- Grain futures slipped Thursday on the Chicago Board of Trade as profit-taking triggered a bear market.

Corn was off 4 1/2 to off 7 1/4, soybeans were off 6 1/4 to off 6 3/4, wheat was off 1 to off 4 and oats were off 1 1/2 to off 2 1/2.

Corn prices corrected lower with traders taking advantage of recent gains to book profits. Export sales for the week for wheat and corn were too modest to spark a rally. Soybean futures slipped as prices have apparently crested to match current demand conditions.

The prices:

Corn: Mar 7.24 1/2 off 6 3/4, May 7.25 1/4 off 6, Jly 7.17 off 4 1/4, Sep 6.10 3/4 off 7 1/4.

Soybeans: Mar 14.30 1/4 off 6 1/4, May 14.14 3/4 off 6 1/2, Jly 14.06 off 6 3/4, Aug 13.79 1/2 off 6 1/2.

Wheat: Mar 7.81 1/4 off 3 3/4, May 7.89 3/4 off 4, Jly 7.95 1/4 off 2, Sep 8.04 1/4 off 1.

Oats: Mar 3.55 off 2 1/4, May 3.60 1/4 off 2 1/2, Jly 3.64 3/4 off 1 1/2, Sep 3.64 off 1 1/2.

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