Grains trade lower in Chicago Thursday

Chicago -- Grain trades opened lower Thursday with grain markets reacting to a three-day decline in crude oil prices.

Corn was off 26 1/2 to off 27 1/4; soybeans were off 49 1/2 to off 52; wheat was off 22 1/4 to off 24 1/2; oats were off 13 to off 14.

The corn belt continues to see favorable weather with pressure in trades also coming from dropping crude oil prices. Wheat opened lower, but found some support in scheduled tender from Tunisia for 25,000 metric tons. Soybeans traders said early pressure came from a wet forecast for the Midwest expecting to last 3-5 days.

The prices:

Corn: Sep 6.31 1/4, off 27 1/4; Dec 6.50, off 27 1/4; Mar 6.68 3/4, off 26 3/4; May 6.81, off 26 3/4.

Soybeans: Aug 15.21, off 52; Sep 15.08, off 50; Nov 14.98, off 50 ; Jan 15.13 3/4, off 49 1/2.

Wheat: Sep 8.09 1/2, off 24 1/2; Dec 8.33 3/4, off 23 1/2; Mar 8.56 1/2, off 23 1/4; May 8.72 1/4, off 22 1/4.

Oats: Sep 4.15, off 13; Dec 4.31 1/2, off 14; Mar 4.50, off 13 1/2; May 4.58, off 13 1/2.

Copyright 2008 by United Press International.