Corn price falls as harvests come in strong

AP News
Posted: Sep 05, 2013 5:26 PM

The price of corn fell to a three-week low Thursday as early harvests came in strong.

December corn fell 8.5 cents to $4.61 a bushel Thursday. Early reports of high crop yields are raising expectations for a large harvest, which would push prices lower as supplies rise.

"Corn's getting some pressure," said Jason Ward, a commodity analyst at Northstar Commodity in Minneapolis. "So far, early yield indications are very good."

Soybeans, which are planted later than corn, are not doing as well, Ward said. Soybeans have been affected by warm weather and were planted late because of wet weather this spring.

The actively traded November soybean contract rose 15 cents to $13.675 a bushel.

December wheat fell 6 cents to $6.4025 a bushel and

Gold and most other metals fell. Copper closed slightly higher.

Gold for December delivery lost $17 to $1,373 an ounce and December silver fell 16 cents to $23.255 an ounce.

October platinum fell $12.60 to $1,482.10 an ounce and December palladium fell $11.05 to $687.20 an ounce.

December copper edged up 0.3 cents to $3.244 a pound.

Energy prices were mixed.

Crude oil and natural gas moved in opposite directions after the U.S. government issued weekly supply reports for both commodities.

Benchmark oil for October delivery rose $1.14, or 1 percent, to close at $108.37 a barrel. Natural gas futures fell 10.8 cents, or 3 percent, to $3.575 per 1,000 cubic feet.

Oil rose after the government said supplies of oil and gasoline each fell by 1.8 million barrels in the week ended Aug. 30. The drop in gasoline supplies was greater than expected and refinery usage increased.

Natural gas fell after the Energy Department said supplies rose by 58 billion cubic feet to 3.188 trillion cubic feet, more than analysts expected.

Wholesale gasoline fell 3 cents to $2.84 per gallon and heating oil was flat at $3.14 per gallon.