Corn prices plunge on worries about export demand

AP News
Posted: Jun 15, 2012 5:05 PM
Corn prices plunge on worries about export demand

Corn futures ended sharply lower Friday as traders worry that export demand may be slipping.

Corn for July delivery settled at $5.795 a bushel, a decrease of 22 cents, or 3.7 percent. Wheat and soybeans contracts also fell.

John Sanow, market analyst at Telvent DTN, a commodity information firm in Omaha, says traders were concerned about a report Thursday showing a sharp decline in export sales the previous week. It was the worst showing this year.

July wheat lost 14 cents to $6.095 per bushel, a loss of 2.2 percent. July soybeans were off 10 cents to settle at $13.76 per bushel.

Metals prices were mixed.

Gold for August delivery rose $8.50 to $1,628.10 an ounce, July silver rose 33.3 cents to $28.74 per ounce, and July platinum fell 40 cents to $1,487.20 an ounce.

Crude oil increased 12 cents to settle at $84.03 a barrel. Brent crude, which is used to make gasoline in much of the U.S., rose 44 cents to finish at $97.61.

Heating oil rose 1.87 cents to end at $2.6465 per gallon, gasoline futures gained 2.53 cents to $2.7017 per gallon and natural gas fell 2.8 cents to end at $2.467 per 1,000 cubic feet.