Grain futures undercut due to gain in dollar index

Grain futures undercut due to gain in dollar indexWith purchases held back by a stronger dollar and lower crude oil prices, grain prices closed lower Monday on the Chicago Board of Trade.

Corn was off 1/2 to off 1 1/4, soybeans were off 1/2 to up 4 1/2, wheat was off 5 1/4 to off 6 1/2 and oats off 2 1/2 to up 2.

As the dollar index gained 0.5 percent, corn traded lower. Wheat slid as Iraq and Algeria put out tenders for wheat Monday, the latter specifically looking to buy from European sources.

With the harvest under way, rising expectations for the Brazilian soybean crop is pressuring prices of soybeans.

The prices:

Corn: May 3.63 1/4, off 1; Jly 3.74 1/4, off 1 1/4; Sep 3.83 3/4, off 1/2; Dec 3.93, off 3/4.

Soybeans: May 9.30, up 4 1/2; Jly 9.37 1/2, up 4; Aug 9.35 1/2, up 2 1/2; Sep 9.21 1/2, off 1/2.

Wheat: May 4.79 1/4, off 6; Jly 4.92, off 6; Sep 5.07 1/2, off 6 1/2; Dec 5.35, off 5 1/4.

Oats: May 2.16, off 2 1/2; Jly 2.24 3/4, off 2 1/4; Sep 2.33 1/4, off 1 3/4; Dec 2.46, off 3/4.(With Inputs from Agencies)