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Positive signs for crops send corn prices lower

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News,Business,Agriculture,Corn

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.

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