Record crop forecast sends corn prices lower

AP News
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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.

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.

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