Corn prices plunge on moderating weather forecast

Print
Email
|

Associated Press

Posted on May 22, 2012 at 2:02 PM

Updated Tuesday, May 22 at 2:02 PM

Corn prices are plummeting after forecasts predicted cooler weather that could benefit the growing crop in parts of the Corn Belt.

Corn fell 36 cents, or 5.7 percent, Tuesday to finish at $5.97 per bushel.

The new forecasts call for more moderate weather and a chance of rain, particularly in the western region of the Corn Belt. That should ease a dry spell that has been blanketing parts of the Midwest.

There also are concerns about the prospect of slower economic growth in China. That could hurt demand for corn, soybeans and a range of other commodities.

In other trading, prices for oil, gold, silver, copper, wheat and soybeans are lower. Palladium and natural gas are higher.

Print
Email
|