Summary Box: Corn plunges on supply forecast

AP News
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Posted: Jan 12, 2012 4:19 PM
Summary Box: Corn plunges on supply forecast

CORN PLUNGE: Corn prices dropped 6.1 percent after a government supply estimate was higher than anticipated. The Agriculture Department forecast would leave both domestic and global supplies at fairly tight levels by summer's end, but investors had expected a smaller number because of weather-related damage to Argentina's crop and last summer's U.S. crop.

METAL GAINS: Metals were mostly higher after strong bond auctions in Spain and Italy. Investors were more optimistic that demand will improve if Europe can gain control of its financial problems.

UNDER PRESSURE: Wheat, soybeans and energy products fell.