Grain futures closed sharply lower Tuesday with heavy selling by funds and the dollar index up 0.88 percent.
Corn was off 29 to off 30, soybeans were off 66 1/4 to off 66 3/4, wheat was off 46 1/2 to off 48 1/4 and oats off 4.
Corn futures plunged on the Chicago Board of Trade, pressured by the rising dollar prompted by government debt concerns in Ireland. Moves in China to slow inflation also weighed on wheat, which dropped in early trading, December wheat closing down 46 1/2. The U.S. Department of Agriculture announced sales of 105,000 metric tons of soybeans to an unnamed buyer and
20,000 metric tons of soy oil, also to an unnamed buyer. The prices:
Corn: Dec. 5.26 1/2, off 29; Mar 5.40, off 29; May 5.46, off 29 1/2; Jul 5.49 1/4, off 30.
Soybeans: Jan 12.19 3/4, off 66 3/4; Mar 12.27, off 66 3/4; May 12.24 3/4, off 65 1/2; Jul 12.24 1/4, off 66 1/4.
Wheat: Dec 6.26 1/4, off 46 1/2; Mar 6.64 3/4, off 47 3/4; May 7.87 1/4, off 47 3/4; Jul 7.00 1/4, off 48 1/4.
Oats: Dec 3.42 1/2; Mar 3.55; May 3.60 3/4, off 2 1/2l; Jul 3.66 -- all off 4.