Grain futures fall in correction trend

Grain futures closed lower on the Chicago Board of Trade Thursday, as profit traders seized on price surges from early in the week. Corn was off 17 1/4 to off 21 1/2, soybeans were off 8 3/4 to off 20 3/4, wheat was off 21 to off 22 1/4 and oats were off 3 3/4 to off 5 1/2. Corn futures dropped although support came from the International Grains Council, which dropped its corn production estimate by 26 million metric tons to 838 million The dollar had little influence, the dollar index down 0.17 percent to 81.37 on the International Exchange. What found support from yields in Russia, down 31.5 percent from the 2011 as of mid-August. In the soybean market, traders are digesting reports of poor pod counts, small plants and poor field conditions. The prices: Corn: Sep 8.08 3/4 off 21 1/2, Dec 8.14 3/4 off 20, Mar 8.14 1/4 off 19, May 8.06 off 17 1/4. Soybeans: Sep 17.27 1/4 off 20 3/4, Nov 17.15 off 12 3/4, Jan 17.06 off 9, Mar 16.14 1/2 off 8 3/4. Wheat: Sep 8.74 1/2 off 22, Dec 8.94 3/4 off 22 1/4, Mar 9.04 1/4 off 21, May 8.94 1/2 off 21. Oats: Sep 3.87 1/2 off 5 1/2, Dec 3.91 off 4 1/2, Mar 3.92 off 3 3/4, May 3.90 3/4 off 3 3/4.