Corn falls as favorable weather continues

AP News
Posted: Jul 07, 2014 3:40 PM

NEW YORK (AP) — The price of corn is falling to its lowest in almost four years as favorable weather conditions for the crop persist in the Midwest.

Corn for delivery in September fell 9 cents, or 2.2 percent, to $4.06 a bushel, that's its lowest price since August 2010.

The price of corn has slumped in the last two months as the right combination of sun, rain and moderate summer temperatures has boosted the chances of a record crop this year.

The price of wheat and soybeans also fell.

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Most metals ended lower. Gold, silver, copper and platinum all fell, while palladium rose.

In energy trading, the price of oil dropped for the seventh straight day amid expectations that Libya will soon boost its exports of crude.