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Grain futures lower on acreage report

June 30, 2009

Grains futures closed lower on the Chicago Board of Trade Tuesday as U.S. Department of Agriculture estimates of acreage planted exceed some expectations.

Corn was off 29 1/4 to off 30, soybeans were off 6 to up 11 1/4, wheat was off 16 1/2 to off 17 1/4 and oats were up 1/4 to up 2.

Corn futures closed lower as the USDA’s estimate for acreage planted was about 3 million acres above expectations. Wheat prices fell with all wheat crop acreage slightly higher than expectations at 59.7 million acres. The estimate for soybean acreage, at 77.4 million, came in slightly below expectations.

The prices:

Corn: Jul 3.47 3/4, off 29 1/4; Sep 3.54 1/2, off 30; Dec 3.67 1/4, off 30; Mar 3.79 1/2, off 30.

Soybeans:Jul 12.26 1/4, up 11 1/4; Aug 11.19 1/4, off 2 3/4; Sep 10.30, off 6; Nov 9.81, off 2 1/2.

Wheat: Jul 5.11 1/4, off 17 1/4; Sep 5.40 3/4, off 17; Dec 5.65 3/4, off 17 1/4; Mar 5.83 1/2, off 16 1/2.

Oats:Jul 2.14 3/4, up 1 1/4; Sep 2.25, up 2; Dec 2.36 1/2, up 1/4; Mar 2.48 1/2, up 1/4.


Source: upi



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