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Grains trade lower Thursday

December 4, 2008

Grains closed sharply lower on the Chicago Board of Trade Thursday in spite of China announcing major purchases.

Corn was off 13 3/4 to off 14 1/2, soybeans were off 18 1/4 to off 19 1/2, wheat was off 33 to off 34 and oats were off 7 to off 7 1/2.

Corn closed lower although China confirmed it would buy 5 million metric tons to shore up reserves. Wheat buyer prices fell, although China bought 30,000 metric tons Thursday. China also purchased 174,000 metric tons of U.S. soybeans Thursday and confirmed reports the Chinese will purchase 1.5 million metric tons for strategic reserves.

The prices:

Corn: Dec 3.18 1/4, off 13 3/4; Mar 3.34, off 14 1/4 May 3.45, off 14 1/4; Jul 3.55 1/4, off 14 1/2.

Soybeans: Jan 8.11, off 19; Mar 8.15 1/2, off 19 1/2; May 8.23 3/4, off 19 1/4; Jul 8.33, off 18 1/4.

Wheat: Dec 4.67 3/4, off 33; Mar 4.86, off 33 3/4; May 4.99 1/2, off 33 3/4; Jul 5.12 1/4, off 34.

Oats: Dec 1.98 1/2, off 7; Mar 2.13 1/2, off 7 1/2; May 2.23, off 7 1/2; Jul 2.33 1/2, off 7 1/2.


Source: upi



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