Grain prices mostly lower in Chicago

Chicago -- Grains closed mostly lower on the Chicago Board of Trade Monday as stocks and oil prices both fell sharply in New York.

Corn was off 16 3/4 to off 17 3/4, soybeans were off 35 1/2 to off 37, wheat was off 32 3/4 to off 33 1/4 and oats were up 1/2 to up 1.

Corn closed down as poultry producer Pilgrims Pride declared bankruptcy Monday. Wheat prices dropped sharply on a report China's crop will yield 15 million metric tons more than 2007. Previously dry soybean areas in Argentina received beneficial rains through the weekend.

The prices:

Corn: Dec 3.32 3/4, off 16 3/4; Mar 3.48 3/4, off 17; May 3.60, off 17 1/4; Jul 3.70 3/4, off 17 3/4.

Soybeans: Jan 8.46, off 37; Mar 8.54 1/4, off 36 3/4; May 8.63 3/4, off 36 1/4; Jul 8.72 1/2, off 35 1/2.

Wheat: Dec 5.09 3/4, off 32 3/4; Mar 5.28, off 33 1/4; May 5.41 3/4, off 33; Jul 5.54 3/4, off 33.

Oats: Dec 2.02, up 1/2; Mar 2.17 1/2, up 1/2; May 2.27, up 1; Jul 2.37 1/2, up 1.

Copyright 2008 by United Press International.