Corn futures fall sharply on forecasts for rain

AP News
Posted: Aug 13, 2013 3:51 PM

Corn prices are falling sharply after forecasts for rain in crop-growing regions in the northern U.S.

Metals prices closed mixed Tuesday, while energy prices were mostly higher.

Corn for December delivery fell 16.75 cents, or 3.6 percent, to $4.4725 a bushel, the lowest price since September 2010.

Todd Hultman, a grain analyst at DTN/The Progressive Farmer, says favorable growing conditions for corn have been sending prices for the grain lower, even after a blip higher Monday on lower crop yield estimates from the U.S. Department of Agriculture.

September wheat fell 6.75 cents to $6.2825 a bushel. November soybeans edged up 2.5 cents to $12.2775 a bushel.

Oil for September delivery rose 72 cents to $106.83 a barrel in New York.

Gold for December delivery fell $13.70 to $1,320.50 an ounce.