Corn falls to lowest in more than 3 years

Staff Writer
Columbus CEO

Corn is falling to its lowest in more than three years after a U.S. government estimate of corn stocks came in higher than traders had anticipated.

The price of corn for December delivery fell 12.5 cents, or 2.8 percent, to $4.4150 a bushel. That's its lowest since Aug. 31, 2010.

Corn has been falling this summer after farmers planted the most corn in 80 years and last year's drought wasn't repeated.

The United States Agriculture Department said Monday that corn stocks totaled 824 million bushels. Soybeans also fell because stocks were higher than traders had predicted. Wheat also declined.

All major metals dropped, led by declines in gold.

The price of oil fell 54 cents, or 0.5 percent a barrel, to $102.33 a barrel, as a government shutdown loomed.