Grain futures sharply lower Thursday

Grain futures closed sharply lower in Chicago Thursday with the dollar index rising 0.91 percent. Corn was off 35 12/4 to 35 3/4, soybeans were off 35 1/4 to off 37 1/4, wheat was off 33 to off 35 1/4 and oats were 0ff 12 to off 13. Corn futures turned lower with pressure from the stronger dollar and growing concern that a second recession was a serious possibility. Egypt announced a major purchase from Russia Thursday, while Argentina estimated a yield off up to 13 million metric tons, down from 14.7 million in 2010. Soybean prices closed lower with a disappointing report on manufacturing in China, a major soybean buyer, The prices: Corn: Dec 6.50, off 35 3/4, Mar 6.63 off 35 3/4, May 6.70 3/4 off 35 1/2, Jly 6.74 1/4 off 35 1/4. Soybeans: Nov 12.83 off 37 1/2, Jan 12.94 1/4 off 37 1/4, Mar 13.02 1/4 off 36 1/4, May 13.08 off 35 1/4. Wheat: Dec 6.33 3/4 off 33, Mar 6.67 1/4 off 34 1/2, May 6.87 1/2 off 35 1/4, Jly 6.92 3/4 off 35. Oats: Dec 3.37 off 13, Mar 3.48 off 13, May 3.55 off 12, Jly 3.61 off 12.