Positive signs for crops send corn prices lower

Staff Writer
Columbus CEO

Positive signs for the corn and wheat crops sent futures prices for those grains lower Tuesday.

Soybean futures also lost ground.

Better weather conditions in the U.S., including much-needed rainfall to parched growing regions, drove down prices. Traders also sold grains and beans contracts on signs that farmers were making better-than-expected progress planting their corn and soybean crops. That suggests larger supplies than had been anticipated.

"We've got very good weather conditions, especially for corn and soybeans," said Todd Hultman, a grains and beans analysts for DTN in Omaha, Nebraska.

Corn for July delivery fell eight cents, or 1.7 percent, to close at $4.70 a bushel. Wheat fell 12 cents, or 1.8 percent, to $6.41 a bushel. Soybeans lost 27 cents, or 1.8 percent, to $14.89 a bushel.

In metals trading, the July contract for gold fell $26.20, or 2 percent, to $1,265.50 an ounce. Silver for July delivery lost 35 cents, or 1.8 percent, to $19.07 an ounce.

July platinum fell $10.50, or 0.7 percent, to $1,462.30 an ounce and June palladium fell 80 cents, or 0.1 percent, to $830.65 an ounce.

July copper edged up a penny to $3.18 a pound.

In energy trading, oil remained above $104 a barrel as investors weighed how the conflicts in Ukraine and Libya were likely to affect crude supplies. Crude for July delivery fell 24 cents to $104.11 a barrel.

In other energy trading in New York, wholesale gasoline fell 3 cents to $3.00 a gallon, natural gas rose 10 cents to $4.51 per 1,000 cubic feet and heating oil slipped 2 cents to $2.94 a gallon.