Corn rises on speculation price slump is over

AP News
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Posted: Dec 03, 2013 4:19 PM

Corn futures are higher as traders speculate that recent price declines may be over for now.

The price of corn has slumped 38 percent this year as farmers produced a record harvest after drought ravaged the crop a year earlier.

Corn for delivery in March rose 6.8 cents, or 1.6 percent, to $4.31 a bushel.

Wheat also rose on concern that colder weather forecasts in the Midwest could harm some of the dormant wheat crop that has already been planted. Soybeans edged lower.

In metals trading, gold edged lower and was trading at the lowest in five months. Silver and copper also fell. Platinum and palladium both rose.

In energy trading, the price of oil rose to its highest level in more than a month.