Corn prices pick up on signs of higher demand

AP News
Posted: Jun 06, 2014 5:14 PM

Corn futures ended higher for the first time in seven days Friday as traders saw signs of higher demand for the grain.

Corn for July delivery rose 10 cents, or 2.2 percent, to settle at $4.59 a bushel.

Corn has been falling steadily over the last month from a recent high of $5.17 a bushel on May 6. Traders now anticipate that better growing conditions will lead to a larger crop than the market had been expecting.

Cash prices for corn also rose as demand picked up from commercial users such as ethanol makers and livestock farmers, said Brandon Marshall, a commodities analyst with Northstar Commodity in Minneapolis.

Wheat rose 12.5 cents, or 2.1 percent, to $6.18 a bushel. Soybeans dropped 3.5 cents to $14.57 a bushel.

In metals trading, August gold slipped 80 cents, or 0.1 percent, to $1,252.50 an ounce and silver for July delivery fell nine cents, or 0.5 percent, to $18.99 an ounce.

Platinum for July delivery rose $7.90, or 0.5 percent, to $1,453 an ounce and September palladium rose $4.80, or 0.6 percent, to $844.25 an ounce.

July copper fell four cents, or 1.3 percent, to $3.05 a pound.

U.S. crude oil for July delivery added 18 cents, or 0.2 percent, to $102.66 a barrel. Wholesale gasoline fell two cents, or 0.6 percent, to $2.94 a gallon and heating oil fell a penny to $2.87 a gallon.

Natural gas added a penny to $4.71 per 1,000 cubic feet.