Corn falls to lowest level since February

AP News
Posted: Jun 16, 2014 5:25 PM

Corn prices fell to their lowest level in four months Monday after the Department of Agriculture said the majority of this year's U.S. harvest is in good-to-excellent condition.

Corn for July delivery fell 6 cents, or 1.3 percent, to $4.41 a bushel, its lowest price since early February.

The USDA said Monday that 75 percent of the United States' corn crop is in good or excellent condition, compared with 63 percent at the same time a year ago. Crop conditions have not been this good in 20 years, according to the USDA.

Other agricultural commodities fell. Wheat fell 5 cents, or 1 percent, to $5.81 a bushel. Soybeans fell 4 cents, or 0.3 percent, to $14.22 a bushel.

In other commodities trading, oil was essentially unchanged at $106.90 a barrel. Natural gas fell 3 cents, or 0.7 percent, to $4.71 per thousand cubic feet. Wholesale gasoline futures rose a penny, or 0.5 percent, to $3.07 a gallon. Heating oil rose a penny as well, or 0.3 percent, to $3 a gallon.

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In metals, gold rose $1.20, or 0.1 percent, to $1,275.30 an ounce. Silver rose 6 cents, or 0.3 percent, to $19.72 an ounce. July copper rose 2 cents, or 0.7 percent, to $3.05 a pound.

Platinum rose $4.10, or 0.3 percent, to $1,439.10 an ounce and palladium fell $3.25, or 0.4 percent, to $809.35 an ounce.