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Grains sharply lower in Chicago Thursday

Posted on: Thursday, 20 November 2008, 16:51 CST

Grains closed lower on the Chicago Board of Trade Thursday as crude oil closed below $50 per barrel in New York for the first time since May 2005.

Corn was off 15 to off 15 1/2, soybeans were off 41 to off 43 1/2, wheat was off 15 1/4 to off 16 1/4 and oats were off 10.

China said it may increase corn purchases soon after announcing it would buy 5 million metric tons to increase reserves. Egypt bought 30,000 metric tons of wheat from Russia today and may be looking for 60,000 tons more. Soybeans prices fell with economic concerns putting pressure on prices, traders said.

The prices:

Corn: Dec 3.63 3/4, off 15; Mar 3.80, off 15 1/4; May 3.91, off 15 1/2; Jul 4.01 3/4, off 15 1/2.

Soybeans: Jan 8.56, off 41; Mar 8.62 3/4, off 41 1/2; May 8.71 1/2, off 41 1/2; Jul 8.79, off 43 1/2.

Wheat: Dec 5.11 3/4, off 15 1/4; Mar 5.31, off 15 1/2; May 5.44 3/4, off 15 3/4; Jul 5.82 1/4, off 16 1/4.

Oats: Dec 2.06 1/4, off 10; Mar 2.22, off 10; May 2.33, off 10; Jul 2.43 1/2, off 10.

Source: United Press International

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