Record crop forecast sends corn prices lower

AP News
Posted: Jun 12, 2013 3:54 PM

Corn prices are ending sharply lower after the Department of Agriculture predicted a record crop and large supplies of the grain.

The actively traded December contract for corn fell 13.25 cents, or 2.4 percent, to $5.375 a bushel. The front-month contract for July fell 8.75 cents, or 1.3 percent, to $6.5075 a bushel.

The U.S.D.A reported that while corn farmers are being affected by cool, wet weather this spring they are still expected to bring in a record crop this year. The agency said farmers are forecast to deliver 14 million bushels, beating the 2009 record of 13.1 billion bushels.

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Wheat prices also fell, while soybeans were unchanged.

Metals prices rose broadly. The actively traded August contract for gold rose $15 to $1,392 an ounce.

Most energy prices were higher.