Corn hits records in Chicago Monday

Chicago -- Overnight trading brought strength to corn trading Monday with old and new contracts hitting records on the Chicago Board of Trade.

Corn was up 6 1/2 to up 7 1/2; soybeans were off 5 1/2 to up 7 1/2; wheat was off 21 3/4 to off 22 3/4; oats were off 5 to off 5 1/4.

Corn was supported by rain in much of Illinois, Iowa, Wisconsin and Indian with floods reported in some ares. Wheat fell with analysts concluding traders were positioning themselves for the USDA Crop Production and Supply/demand report due later in the day. Soybeans fell while heavy rains triggered yield concerns.

The prices:
Corn: Jul 6.57 1/4, up 6 1/2; Sep 6.70 1/2, up 6 3/4; Dec 6.85 1/4, up 7 1/2; Mar 6.99 1/4, up 7 1/2.

Soybeans: Jul 14.52, off 5 1/2; Aug 14.53 3/4, off 3 1/2; Sep 14.50, up 3 1/2; Nov 14.57, up 7 1/2.

Wheat: Jul 7.88 1/2, off 22 1/2; Sep 8.05, off 22 1/4; Dec 8.28 1/2, off 21 3/4; Mar 8.50 1/2, off 22 3/4.

Oats: Jul 3.94, off 5 1/4; Sep 4.05 1/2, off 5 1/4; Dec 4.21, off 5; Mar 4.36, off 5.

Copyright 2008 by United Press International.