Grains mostly lower Wednesday

Grain futures closed mostly lower in Chicago Wednesday as the dollar index rose 0.77 percent. Corn was off 4 1/4 to off 4 3/4, soybeans were off 17 1/4 to off 18 1/4, wheat was off 8 to off 12 1/4 and oats were up 1. Corn futures dropped modestly on a stronger dollar and decreased ethanol production for the week. Wheat prices on the Chicago Board of Trade fell as the U.S. Federal Reserve disappointed investors with a failure to announce a new round of quantitative easing. The drop in soybeans was sharper than wheat or corn's decline with talk of oversold conditions and weather favorable for a quick harvest. The prices: Corn: Dec 6.85 3/4, off 4 1/2, Mar 6.98 3/4 off 4 1/4, May 7.06 1/4 off 4 1/4, Jly 7.09 1/2 off 4 3/4. Soybeans: Nov 13.20 1/2 off 17 1/2, Jan 13.31 1/2 off 17 1/4, Mar 13.38 1/2 off 17 3/4, May 13.43 1/4 off 18 1/4. Wheat: Dec 6.66 3/4 off 8, Mar 7.01 3/4 off 9 3/4, May 7.22 3/4 off 11 1/4, Jly 7.27 3/4 off 12 1/4. Oats: Dec 3.50 up 1, Mar 3.61 up 1, May 3.67 up 1, Jly 3.73 up 1.