News Summary: Corn plunges on lower USDA forecast

AP News
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Posted: Jul 11, 2012 3:40 PM
News Summary: Corn plunges on lower USDA forecast

CORN DRAIN: Corn prices fell 2 percent after the U.S. Agriculture Department predicted that the nation's heat-battered crop would be smaller than anticipated. It also expects demand to decline. The forecast called for steeper cuts than many traders expected, prompting some to sell contracts for a profit.

BAKED BEANS?: Soybean prices also dropped after the agriculture agency lowered its forecast for demand and the size of the crop. Some analysts believe the crop could sustain further damage unless there is significant rainfall soon.

MIXED BAG: Prices rose for copper, silver, platinum, palladium, wheat and oil. Gold fell.