Corn Edges Lower as Weather Conditions Remain Good

NEW YORK (AP) -

The price of corn dropped, as weather conditions remain favorable for the crop.

Corn for July delivery dropped 1.5 cents, or 0.3 percent, to $4.43 a bushel.

The price of the grain has plunged in the last two months, as rains in the corn-growing regions of the U.S. have been light and temperatures remained moderate. The U.S. Department of Agriculture is forecasting a record crop this year.

“The main part of the corn belt looks very good,” said Todd Hultman, a grains analyst at DTN.

In other trading of agricultural products, wheat and soybeans also fell.

Wheat dropped 8.25 cents, or 1.4 percent, to $5.81 a bushel; and soybeans fell 9.25 cents, or 0.7 percent, to $12.25 a bushel.

Most metals climbed, led by platinum. Gold and silver also ended the day higher.

Platinum for July climbed $15.30, or 1.1 percent, to $1,471.90 an ounce. Palladium for September rose $7.75, or 0.9 percent, to $830.40 an ounce.

Gold rose $2.90, or 0.2 percent, to $1,321.30 an ounce. Silver for July gained 12.70 cents, or 0.6 percent, to $21.04 an ounce. Copper was little changed at $3.15 a pound.