Grain futures adapt to wetter weather

U.S. corn futures slipped off of record highs on the Chicago Board of Trade Tuesday, as rain, for the second time in week, interrupted a prolonged drought. Corn was off 5 1/4 to off 13 1/2, soybeans were off 1/4 to off 10 1/2, wheat was off 6 3/4 to off 26 1/4 and oats were off 4 to off 5. Corn prices fell, with scattered rains in the Midwest, although how much recovery crops can achieve is an open question. Wheat futures fell in sympathy with corn, although prices found support from news that Russia would lower its harvest forecast. Soybean futures also fell, the forecast in the Southwestern Corn Belt calling for high temperatures followed by cooler days next week. The prices: Corn: Sep 8.06 1/2 off 13 1/2, Dec 8.05 1/4 off 8 3/4, Mar 8.01 1/4 off 5 1/4, May 7.92 off 5 1/4. Soybeans: Aug 17.21 off 4 3/4, Sep 16.56 3/4 off 10 1/2, Nov 16.32 1/4 off 2 1/2, Jan 16.32 1/4 off 1/4. Wheat: Sep 8.88 1/4 off 26 1/4, Dec 9.02 1/2 off 24 3/4, Mar 9.04 1/4 off 22 1/4, May 8.96 off 6 3/4. Oats: Sep 3.80 1/4 off 4, Dec 3.82 3/4 off 5, Mar 3.87 3/4 off 5, May 3.89 1/2 off 5.