News Summary: Corn, wheat prices finally ease

AP News
|
Posted: Aug 10, 2012 5:22 PM
News Summary: Corn, wheat prices finally ease

CORN SLIDES: Corn prices finally eased after a new crop estimate from the government came in line with the predictions of private analysts. Corn for December delivery settled down 14.5 cents to $8.0925 a bushel.

FORECAST CUT: The Department of Agriculture cut forecasts for U.S. corn crops for a second month. The USDA says it could be the lowest average corn yield in more than 15 years as the worst drought in decades scorches major farm states.

TOPPED OUT?: Mark Schultz, chief analyst at Northstar Commodity in Minneapolis, says more declines for corn prices could be on the way. "Tell me how many people want to buy corn at that price level? Not many."