Summary Box: Grains rally on smaller harvest

AP News
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Posted: Oct 08, 2010 3:38 PM
Summary Box: Grains rally on smaller harvest

GRAINS RALLY: Grain prices soared Friday after a government report showed this year's corn harvest might be smaller than initially expected. Corn prices rose 30 cents to settle at $5.2825 a bushel. Soybeans for November delivery rose 70 cents to $11.35 a bushel.

SMALLER HARVEST: The USDA estimated that the U.S. corn harvest will be 4 percent smaller than expected, while the soybean harvest will be 2 percent smaller.

GOLD UP: Gold and other metals prices also rose on jitters over the economy. Gold for December delivery rose $10.30 to settle at $1,345.30 an ounce.