Grain futures lower on CBOT

Corn was off 30, soybeans were off 67 1/4 to off 70, wheat was off 34 1/2 to off 38 1/2 and oats were off 19.

Heavy selling by funds had corn exploring lows and going limit down late in the day. Corn also was pressured by reports of China negotiating with Argentina and a lower dollar, with traders ignoring reports of dry conditions in Argentina and export sales for the week slightly higher than expectations.

Selling across the soybean complex was blamed on speculation China would raise interest rates to slow economic growth and lower-than-expected exports for the week.

Pressure from corn, soybeans and cotton sent wheat lower, with March down nearly 41 cents at one point, but contracts managed to stage a partial recovery before the close. Improved soil conditions in the Plains also were considered a negative factor.

The prices:

Corn: Dec 5.34 off 30, Mar 5.48 off 30, May 5.55 1/4 off 30, Jly 5.58 3/4 off 30.

Soybeans: Nov 12.63 off 67 1/4, Jan 12.69 off 70, Mar 12.77 off 70, May 12.76 1/4 off 70.

Wheat: Dec 6.69 1/4 off 34 3/4, Mar 7.09 1/2 off 34 1/2, May 7.32 1/4 off 36 1/2, Jly 7.44 3/4 off 38 1/2.

Oats: Dec 3.39 1/2 off 19, Mar 3.52 off 19, May 3.57 3/4 off 19, Jly 3.63 off 19.

Copyright 2010 United Press International, Inc. (UPI).