After record high, corn prices edge down

AP News
Posted: Jul 31, 2012 4:04 PM
After record high, corn prices edge down

The price of corn is edging down, a relief after hitting a record high.

Corn prices have soared as a brutal drought has dried out fields across much of the country, particularly big corn producers like Indiana and Illinois. On Monday, corn for September delivery hit a record of $8.20 per bushel.

On Tuesday Corn for December delivery, the most active contract, fell 8.75 cents to $8.0525 per bushel.

November soybeans fell slightly, losing 2.5 cents to $16.41 per bushel. September wheat fell nearly 3 percent, losing 26.25 cents to $8.8825 per bushel.

Energy prices edged down. Metals prices were mixed.