Wheat prices slip as Isaac becomes a memory

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Associated Press

Posted on September 5, 2012 at 4:00 PM

Updated Wednesday, Sep 5 at 4:00 PM

Prices for wheat, corn and soybeans are closing lower as farmers welcomed rain in some parts of the country and as damage from Hurricane Isaac last week turned out to be less than initially feared.

The price of wheat for December delivery fell the most, 2.4 percent, or 21 cents, to $8.6775 per bushel.

Prices for all three crops have rocketed higher since June, largely because of a drought that investors fear will hammer crop yields in important agriculture states like Iowa and Indiana. It isn't known just how much the crops have been hurt, though some investors fear that it is too late for corn especially, because it is harvested earlier.

Gold and silver slipped. Crude oil rose.

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