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Wheat drags down other grains on CBOT

Feb. 1, 2013 at 5:22 PM

CHICAGO, Feb. 1 (UPI) -- Grain futures prices were mostly lower on the Chicago Board of Trade despite a soaring euro and less than ideal weather in Argentina.

Corn was off 4 1/2 to up 5 1/4, soybeans were off 3/4 to up 6 3/4, wheat was off 10 to off 15 and oats were off 3/4 to off 1 1/2

Technical selling and profit-taking sent wheat plunging, pressuring other grains. Losses were tempered by a less than ideal weather forecast for Argentina, helping to support corn and soybeans. Commodities also found support from macroeconomic data that sent the Euro sharply higher against the dollar.

The prices:

Corn: Mar 7.36 off 4 1/2, May 7.37 3/4 off 4 1/4, Jly 7.28 3/4 off 4 1/2, Sep 6.16 1/4 up 1.

Soybeans: Mar 14.74 1/4 up 5 3/4, May 14.65 1/2 up 5 3/4, Jly 14.55 1/4 up 5 3/4, Aug 14.26 up 6 3/4.

Wheat: Mar 7.56 off 14 1/2, May 7.73 1/4 off 14 3/4, Jly 7.78 1/4 off 15, Sep 7.89 1/4 off 12 1/4.

Oats: Mar 3.59 1/4 off 3/4, May 3.65 3/4 off 1 1/4, Jly 3.71 off 1, Sep 3.70 1/4 off 1.

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