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Grains mostly higher Thursday

May 7, 2009

Grains closed mostly higher on the Chicago Board of Trade Thursday, although crude oil prices held steady and stocks fell in New York.

Corn was up 4 to up 4 1/2, soybeans were off 9 to off 16, wheat was up 11 1/4 to up 11 1/2 and oats were up 9.

Corn prices rose although Brazil increased its crop estimate by 1 million cubic tons to 51.4 million Thursday. Expectations of lower U.S. winter wheat production helped boost wheat prices. Traders said China may cancel recent soybeans purchases, putting downward pressure on soybean prices.

The prices:

Corn: May 4.04 3/4, up 4; Jul 4.12, up 4 1/2; Sep 4.20 1/2, up 4 1/2; Dec 4.31, up 4 1/4.

Soybeans: May 11.19, off 16; Jul 11.02, off 16; Aug 10.63, off 14; Sep 10.14, off 9.

Wheat: May 5.59, up 11 1/4; Jul 5.70 1/4, up 11 1/2; Sep 5.97, up 11 1/2; Dec 6.19 1/2, up 11 1/4.

Oats: May 2.12, up 9; Jul 2.17, up 9; Sep 2.25 1/2, up 9; Dec 2.38 1/2, up 9.


Source: upi



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