Corn falls back toward lows on supply concerns

Staff Writer
Columbus CEO

Corn prices are falling back toward their lowest levels in more than three years as U.S. farmers close in on a record harvest.

Farmers in the 18 most important corn-producing states have harvested about 95 percent of this year's crop, according to a government report released late Monday. The government estimated that the U.S. will produce a record 14 billion bushels of corn this year.

The price of corn fell 6.25 cents, or 1.5 percent, to $4.19 a bushel Tuesday. The grain's price has fallen 40 percent this year, and dropped as low as $4.12 a bushel last week, its lowest level since August 2010.

In other trading of agricultural products, wheat fell and soybeans were unchanged.

Gold was flat. Other metals, including silver and copper, declined.