Grains futures close lower

Grain futures closed lower on the Chicago Board of Trade Thursday as pressure from the harvest prompted sales. Corn was off 8 1/2 to off 10 1/2, soybeans were off 2 1/4 to off 9 1/4, wheat was off 10 1/4 to off 13 3/4 and oats were off 6 3/4. Corn prices closed lower with the drought prompting some to take corn directly to markets, rather than store it and wait for price improvements. Wheat prices have were pressured by beneficial rains in the Southern Plains. In the soybean market, trading was up and down into the afternoon with weekly export sales reaching 799,500 metric tons. Corn: Dec 7.16 1/4 off 8 1/2, Mar 7.19 1/2 off 9, May 7.17 off 9 3/4, Jly 7.11 off 10 1/2. Soybeans: Nov 15.70 3/4 off 2 1/4, Jan 15.71 1/4 off 3, Mar 15.24 off 7 3/4, May 14.79 off 9 1/4. Wheat: Dec. 8.55 1/2 off 13 3/4, Mar 8.68 1/4 off 13, May 8.70 1/4 off 13 1/2, Jly 8.35 3/4 off 10 1/4. Oats: Dec 3.68 1/4, Mar 3.73 3/4, May 3.75 1/2, Jly 3.73 3/4 -- all off 6 3/4.