Grains prices continue downward trend

Chicago -- Grains contracts continued a downward trend on the Chicago Board of Trade Thursday as crude oil prices fell in New York.

Corn was off 13 1/4 to off 14, soybeans were off 1 1/4 to up 1 3/4, wheat was off 3 1/4 to off 4 and oats were off 7 to off 7 1/2.

Corn traders anticipate an Environmental Protection Agency rejection of Texas' request to waive half of its 2008 federal ethanol mandate. Wheat closed lower on plentiful supplies and an ongoing U.S. harvest. China, reportedly, is slowing soybean purchases ahead of the Olympic games, which commence August 8.

The prices:

Corn: Sep 5.87 1/2, off 14; Dec 6.07 1/2, off 13 3/4; Mar 6.27 1/2, off 13 3/4; May 6.40, off 13 1/4.

Soybeans: Aug 13.95 3/4, up 1 3/4; Sep 13.94 1/4, off 1 1/4; Nov 14.04, off 1; Jan 14.22, off 3/4.

Wheat: Sep 7.83 3/4, off 4; Dec 8.08 3/4, off 3 3/4; Mar 8.31 3/4, off 4; May 8.46 1/2, off 3 1/4.

Oats: Sep 3.77, off 7 1/2; Dec 3.97, off 7 1/2; Mar 4.16 1/2, off 7; May 4.29 1/2, off 7.

Copyright 2008 by United Press International.