Money Matters - Simplified

Grains close higher Wednesday

Chicago -- Grain futures closed higher on the Chicago Board of Trade Wednesday with the dollar index up 0.16 percent.

Corn was up 23 1/4 to up 13 1/4, soybeans were up 10 1/2 to up 11 1/4, wheat was off 1 to up 3 and oats were off 5 to up 14.

Corn prices rose sharply with the weekly ethanol report showing a 6.1 percent rise in production from the previous week -- up 19.2 percent from a year ago. Wheat futures found support from Australia, where weather conditions in the southeast are expected to drop up to 60 percent of the crop in the region to feed status. Soybeans found support as sellers focus on end-of-year targets and weather conditions in Brazil and Argentina, where beneficial rain is expected.

The prices:

Corn: Dec 5.59 1/2, up 12 1/4; Mar 5.74 1/2, up 12 3/4; May 5.83, up 13 1/4; Jly 5.87 1/4, up 13.

Soybeans: Jan 12.96, up 10 1/2; Mar 13.05, up 10 3/4; May 12.09, up 11 1/4; Jly 13.10 1/2, up 10 3/4.

Wheat: Dec 7.42, off 1; Mar 7.84, off 3/4; May 8.08 1/2, up 3; Jly 8.06 1/4, up 3.

Oats: Dec 3.78, up 14; Mar 3.78, up 5; May 3.83, up 5 1/2; Jly 3.86, up 5.

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

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