Grain futures mixed Wednesday
Posted on January 17th, 2011
CHICAGO, Jan. 19 (UPI) — Wheat futures rose slightly, while corn, oats and soybeans fell on the Chicago Board of Trade Wednesday, despite a 0.5-percent drop in the dollar index.
Corn was off 11 1/2 to off 18 1/4, soybeans were off 1 3/4 to up 2 1/4, wheat was up 2 to up 4 and oats were off 4 1/2 to off 11 1/2.
Corn prices dropped after a four-session run-up, correcting lower in sympathy with energy prices and with expectation that China will turn from corn to wheat for livestock feed for economic reasons. Aggressive buying from Algeria, a 100,000 metric ton tender from Iraq and worries of wheat quality deteriorating in Australia due to floods gave wheat markets a boost Wednesday. In soybeans, futures were flat, although expectations are a delegation from China in a visit to Chicago this week could discuss purchases for the new crop season.
The prices:
Corn: Mar 6.51 1/4 off 18 1/4, May 6.51 1/4 off 18, Jly 6.55 1/2 off 17 1/2, Sep 6.05 1/4 off 11 1/2.
Soybeans: Mar 14.11 1/2 off 1 3/4, May 14.22 off 1 1/4, Jly 14.28 off 1/4, Aug. 14.01 1/2 up 2 1/4.
Wheat: Mar 7.97 1/4 up 4, May 8.26 up 3 3/4, Jly 8.49 1/4 up 3, Sep 8.67 up 2.
Oats: Mar 3.86 1/2 off 11 1/2, May 3.94 1/4 off 11, Jly 3.97 1/4 off 9 1/2, Sep 3.65 1/2 off 4 1/2.
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