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Dec. 26, 2012 / 7:19 PM

Grains turn lower Wednesday

CHICAGO, Dec. 26 (UPI) -- Grain futures traded dropped Wednesday on a light trading day between holidays.

On the Chicago Board of Trade, corn was off 9 to off 11, soybeans were off 15 1/4 to off 17 1/2, wheat off 18 3/4 to off 19 1/4 and oats were off 4 3/4 to off 5 3/4.

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Corn started the day with gains, but moved lower in sympathy with soybeans. Wheat traded lower, with a lack of bullish news to support pricing. Soybeans traders backed away from long positions on concerns the U.S. economy could take a turn for the worse if a budget deal is not struck by New Year's Day in Washington.

The prices:

Corn: Mar 6.93 1/4 off 11, May 6.96 1/2 off 10 1/4, Jly 6.43 1/4 off 9 1/2, Sep 6.19 1/2 off 9.

Soybeans: Jan 14.24 1/2 off 15 1/4, Mar 14.18 1/2 off 17 1/4, May 14.09 1/4 off 17 1/2, Jly 14.04 off 17 1/2.

Wheat: Mar 7.74 1/2 off 19 1/4, May 7.84 1/2 off 19, Jly 7.91 1/2 off 18 3/4, Sep 8.04 1/4 off 18 3/4.

Oats: Mar 3.60 off 5, May 3.67 3/4 off 4 3/4, Jly 3.68 3/4 off 5 3/4, Sep 3.58 1/4 off 5 3/4.

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