Chicago grain futures close lower

Grain futures closed lower in Chicago as fears of sovereign debt issues in Europe continued to cast a shadow over equities. Corn was off 4 3/4 to off 5 1/2, soybeans were off 15 1/2 to off 17 1/2, wheat was off 11 to off 17 and oats were off 3 1/2. Corn futures fell modestly, pulling up from early losses as the most recent estimate for production in China by the U.S. Grains Council came in, at 167 million metric tons, 11 million metric tons below the U.S. Department of Agriculture's estimate. Wheat prices fell with pressure from a stronger dollar. Soybeans, as well as other grains, lost ground with an early dive in equity markets. Although equities saw a late bounce into positive territory, it was too late to turn grains around. The prices: Corn: Dec 5.87 3/4 off 4 3/4, Mar 6.00 3/4 off 5 1/4, May 6.08 1/2 off 4 1/4, Jly 6.13 3/4 off 5 1/2. Soybeans: Nov 11.60 off 17 1/2, Jan 11.71 3/4 off 17, Mar 11.81 1/4 off 16 3/4, May 11.89 1/2 off 15 1/2. Wheat: Dec 6.04 off 15 1/2, Mar 6.40 off 17, May 6.65 1/2 off 15 3/4, Jly 6.81 3/4 off 11. Oats: Dec 3.24 1/2, Mar 3.35 1/2, May 3.41 1/2, Jly 3.47 1/2 -- all off 3 1/2.