Grain prices rise Thursday

Grains closed higher on the Chicago Board of Trade Thursday despite the dollar’s gains against the euro and the yen.

Corn was up 1 1/2 to up 3 1/4, soybeans were up 15 1/2 to up 36, wheat was up 23 1/2 to up 4 3/4 and oats were up 1/2 to up 1.

Corn closed higher although traders are concerned a review of federal ethanol could reduce demand for the corn-based biofuel. Iraq reportedly purchased 150,000 metric tons of Australian wheat Thursday and is said to be close to ordering another 150,000 metric tons. Soybeans prices gained on export figures for the week that came in above expectations.

The prices:

Corn: May 3.96 1/4, up 3 1/4; Jul 4.03 1/2, up 2 1/4; Sep 4.12 1/2, up 2; Dec 4.23 1/4, up 1 1/2.

Soybeans: May 10.70, up 36; Jul 10.55, up 30; Aug 10.23, up 20 3/4; Sep 9.80 1/2, up 15 1/2.

Wheat: May 5.24 1/4, up 3 1/2; Jul 5.36 1/2, up 4 1/2; Sep 5.63 1/4, up 4 1/4; Dec 5.86 1/4, up 4 3/4.

Oats: May 1.94, up 1; Jul 2.03, up 1; Sep 2.12, up 1; Dec 2.25 1/2, up 1/2.