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Corn futures fall sharply on forecasts for rain

August 13, 2013

Corn prices fell sharply Tuesday after forecasts for rain in the Northern Plains region.

Metals prices closed mixed, while energy prices were mostly higher.

Corn for December delivery dropped 16.75 cents, or 3.6 percent, to $4.4725 a bushel, the lowest price since September 2010.

Todd Hultman, a grain analyst at DTN/The Progressive Farmer, said favorable growing conditions for corn have been sending prices for the grain lower, even after a blip higher Monday on lower crop yield estimates from the U.S. Department of Agriculture.

September wheat fell 6.75 cents to $6.2825 a bushel. November soybeans edged up 2.5 cents to $12.2775 a bushel.

Gold for December delivery fell $13.70 to $1,320.50 an ounce.

Other metals edged higher. September silver inched up 0.4 cent to $21.343 an ounce.

Copper for September rose 1.4 cents to $3.3170 a pound. Platinum for October rose $1 to $1,499.70 an ounce and palladium for September rose $1.30 to $738.90 an ounce.

In energy trading, oil rose after the government reported that a measure of retail sales that excludes volatile auto, gas and building supplies, rose 0.5 percent in July, the biggest gain since December. That may signal a stronger pace for consumer spending, which could boost economic growth.

September crude rose 72 cents to $106.83 a barrel in New York.

In other energy futures trading, natural gas fell 3 cents to $3.29 per 1,000 cubic feet (28.32 cubic meters).

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