Corn and soybean futures were higher but wheat and oats took a beating Friday on the Chicago Board of Trade amid concerns about China.
Corn was up 1 1/2 to up 6 1/2, soybeans were up 3 1/2 to up 6 1/2, wheat was off 9 1/4 to off 11 and oats were off 1/2 to off 4 1/2.
Corn rallied late in the session on spillover from U.S. equity markets despite continued tightening in China and uncertain crop conditions in Argentina. News China tightened reserve requirements at banks for the fourth time in two months held soybean gains down. Wheat found support from corn but moved lower on fears of a slowing economy in China, although the market recovered from a 20-cent dive in early trading. Oats followed wheat lower.
The prices:
Corn: Mar 6.48 3/4 up 6 1/4, May 6.58 up 6 1/2, Jly 6.62 1/4 up 5 3/4, Sep 6.09 1/2 up 1 1/2.
Soybeans: Jan 14.06 1/2 up 3 1/2, Mar 14.22 1/2 up 6 1/2, May 14.31 1/4 up 5 3/4, Jly 14.34 3/4 up 5 1/4.
Wheat: Mar 7.73 1/4 off 10 1/4, May 8.03 off 9 1/4, Jly 8.27 3/4 off 9 3/4, Sep 8.46 3/4 off 11.
Oats: Mar 3.92 off 4 1/2, May 3.98 1/2 off 2 3/4, Jly 4.00 off 1 1/4, Sep 3.64 off 1/2.
