HispanicBusiness

Grain prices corrected sharply lower Monday as fear of a trade war with China spread through the market. Corn was off 30 1/2 to off 34, soybeans were off 70, wheat was off off 30 1/4 to off 46 1/4 and oats were off off 9 to off 11 3/4.

Corn prices dropped with selling heavy across markets as fear of a trade war with China were provoked by the Obama administration's World Trade Organization case filed on behalf of steel and auto workers.

The wheat market was also jolted by the filing with prices further weakened by the forecast of rain in growing areas of Australia. Profit taking dominated the soybean market with export inspections for the week ending Sept. 13 at 9.96 million bushels, down from 12.93 million in the week ending Sept. 10.

The prices:

Corn: Dec. 7.48 off 34, Mar 7.52 1/2 off 33 1/2, May 7.51 3/4 off 32 1/4, Jly 7.44 1/2 off 30 1/2.

Soybeans: Nov 16.69, Jan 16.70, Mar 16.32 3/4, May 15.52 3/4 -- all off 70.

Wheat: Dec 8.78 off 46 1/4, Mar 8.90 1/4 off 46 1/4, May 8.91 3/4 off 40 1/4, Jly 8.62 1/2 off 30 1/4.

Oats: Dec 3.84 1/2 off 11 3/4, Mar 3.88 1/2 off 10 3/4, May 3.89 off 9, Jly 3.87 1/4 off 9.