Grains drop for second consecutive session

Grain prices closed lower Tuesday as prices eroded for the second consecutive day with traders concerned about the weak global economy. Corn was off off 8 to off 9, soybeans were off 16 3/4 to off 33, wheat was off off 30 1/4 to off 46 1/4 and oats were off off 7 3/4 to off 10 1/2. Corn prices continued Monday's fall that was triggered by fears of a trade war with China, one of the country's most significant grain customers. Wheat prices fell sharply with growers in Australia reportedly benefiting from a half inch of rainfall this week. Soybeans moved lower as harvest activity pushed traders to profit taking while silos were filling. The prices: Corn: Dec. 7.40 off 8, Mar 7.44 off 8 1/2, May 7.43 1/2 off 8 1/4, Jly 7.35 1/2 off 9. Soybeans: Nov 16.40 off 29, Jan 16.39 1/4 off 30 3/4, Mar 15.99 3/4 off 33, May 15.36 off 16 3/4. Wheat: Dec 8.63 1/2 off 14 1/2, Mar 8.75 3/4 off 14 1/2, May 8.75 3/4 off 16, Jly 8.46 off 16 1/2. Oats: Dec 3.74 off 10 1/2, Mar 3.80 off 8 1/2, May 3.81 1/4 off 7 3/4, Jly 3.79 1/2 off 7 3/4.