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Strong Dollar Undermines Grain Futures
Friday, 29-Jan-2010 5:44PM United Press International
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CHICAGO, Jan. 29 (UPI) -- Grain futures closed lower on the Chicago Board of Trade Friday as the dollar index rose 0.73 percent, putting the dollar at its highest level since August.

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Corn was off 4 1/4 to off 5 1/4, soybeans were off 15 1/2 to off 17 3/4, wheat was off 12 1/4 to off 13 and oats were off 4 1/2 to off 5.

Corn futures fell despite a larger-than-expected 5.7 percent rise in the fourth-quarter gross domestic product. Wheat prices dropped as Algeria completed a tender for 500,000 metric tons. Reports that China would switch to South American sources undermined soybean prices Friday.

The prices:

Corn: Mar 3.56 1/2, off 5 1/4; May 3.67 3/4, off 5; Jul 3.77 1/2, off 4 3/4; Sep 3.84 1/4, off 4 1/4.

Soybeans: Mar 9.14, off 17 3/4; May 9.24 3/4, off 16 3/4; Jul 9.32 3/4, off 15 3/4; Aug 9.27, off 15 1/2.

Wheat: Mar 4.74, off 13; May 4.88 1/4, off 12 3/4; Jul 5.00 1/4; off 12 1/2; Sep 5.15 3/4, off 12 1/4.

Oats: Mar 2.28, off 5; May 2.37 1/4, off 4 3/4; Jul 2.44 3/4, off 5; Sep 2.52 3/4, off 4 1/2.

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