Grain futures closed sharply lower Wednesday as a rally ended on Wall Street and crude oil prices fell.
Corn was off 17 to off 17 3/4, soybeans were off 27 to off 36, wheat was off 49 1/4 to off 52 and oats were off 4 1/2 to off 5 1/4.
Corn futures fell as plentiful spring rain now appears to have benefited the crop in spite of a slow planting season. Wheat dropped sharply in spite of new measures taken against Russian wheat suppliers who furnished Egypt with below-standard product. Soybean futures fell as traders said a recent buying spree come to an end.
The prices:
Corn: Jul 4.32 1/2, off 17; Sep 4.42 1/2, off 17 1/4; Dec 4.55, off 17 3/4; Mar 4.65 3/4, off 17 1/4.
Soybeans: Jul 11.82, off 27; Aug 11.37, off 32 1/2; Sep 10.79, off 36; Nov 10.47, off 35 1/2.
Wheat: Jul 6.17 1/2, off 52; Sep 6.45, off 51 1/2; Dec 6.69, off 50 1/2; Mar 6.85 1/4, off 49 1/4.
Oats: Jul 2.55 1/4, off 5 1/4; Sep 2.64 1/2, off 5 1/4; Dec 2.76 1/2, off 4 1/2; Mar 2.88 1/2, off 5.
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