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Weak dollar gives grain futures a boost

Sat, 12/04/2010 - 07:14 by Prince damin

Cchicago -- Grain futures closed sharply higher on the Chicago Board of Trade Friday with the dollar index down, making prices that much more attractive to foreign buyers.

Corn was up 16 to up 18 1/4, soybeans were up 19 to up 20 1/2, wheat was up 11 3/4 to up 31 1/2 and oats were up 5 1/4 to up 6.

Corn prices climbed with support from the dollar and from dry weather in Argentina. Wheat futures found support in reports a large percentage of Australia's crop could be downgraded to livestock feed status. Talk of China remaining active as a buyer helped soybean prices, which set the pace on increases Friday.

The prices:

Corn: Dec 5.59, up 18 1/4; Mar 5.73 1/2, up 18; May 5.80 1/2, up 17; Jly 5.84 1/2, up 16.

Soybeans: Jan 13.00 1/4, up 20 1/2; Mar 13.07, up 19 1/4; May 13.08 1/4, up 19; Jly 13.10 1/2, up 19 1/4.

Wheat: Dec 7.38, up 31 1/2; Mar 7.79, up 30 1/2; May 7.90 3/4, up 23 1/4; Jly 7.86 3/4, up 11 3/4.

Oats: Dec 3.67, up 6; Mar 3.67, up 6; May 3.71 3/4, up 5 1/2; Jly 3.761 1/2, up 5 1/4.

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

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