CHICAGO, July 24 (UPI) -- U.S. grain futures jumped on the Chicago Board of Trade in both directions Tuesday when a large downward correction was met with a flurry of buying.
Corn was off 5 to off 24, soybeans were off 49 1/4 to off 52 3/4, wheat was off 22 1/2 to off 34 and oats were off 15 3/4 to off 18.
Corn prices dropped 40 cents early, their trade limit, but that prompted a buying spree, which mitigated the steep losses. Wheat prices dropped 20 cents to 30 cents, closing in mid-range for most contracts. Soybeans fell sharply for the second consecutive day as a long drought-prompted rally had pushed prices to a precipice.
The prices:
Corn: Sep 7.90 off 24, Dec 7.78 1/2 off 7 1/4, Mar 7.71 1/2 off 5, May 7.67 off 5.
Soybeans: Aug 16.49 1/4 1/2 off 49 1/4, Sep 15.95 1/2 off 52 1/4, Nov 15.69 1/2 off 52 3/4, Jan 15.50 1/2 off 51 3/4.
Wheat: Sep 8.78 3/4 off 34, Dec 8.88 1/4 off 30 3/4, Mar 8.85 1/4 off 24 3/4, May 8.68 1/2 off 22 1/2.
Oats: Sep 3.62 1/2 off 18, Dec 3.65 1/2 off 16 3/4, Mar 3.71 off 15 3/4, May 3.74 3/4 off 15 3/4.
