Grains pivot on supply and demand report

CHICAGO, May 9 (UPI) -- Grain trading on the Chicago Board of Trade pivoted on a supply and demand report issued by the U.S. Department of Agriculture Friday.

Corn was off 1 to up 3 3/4 ; soybeans were up 48 to up 51 1/4; wheat was off 16 3/4 to off 17 1/2; oats were off 1 1/2 to up 1/2.

The USDA supply and demand report raised corn stock on an expected downturn in ethanol use. World supplies of wheat are expected to escalate, which pulled trading down Friday. Soybeans traded higher as demand expectations increased.

The prices:

Corn: May 6.18 1/2, off 1/4; Jul 6.29 1/4, off 1; Sep 6.41, up 1 1/4; Dec 6.50, up 3 3/4.

Soybeans: May 13.49 1/2, up 51 1/4; Jul 13.58, up 48; Aug 13.53 1/4, up 49 1/3; Sep 13.24 3/4, up 50 1/2.

Wheat: May 7.91 1/2, off 17 1/2; Jul 8.04 1/2, off 17 1/2; Sep 8.18 1/2, off 17 1/4; Dec 8.39 1/2, off 16 3/4.

Oats: May 4.05, up 1/2; Jul 4.13, off 1 1/2; Sep 4.25 1/2, unchanged; Sep 4.38 1/2, off 1 1/2.

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