The price of corn fell to its lowest in almost four years on Monday, as favorable weather conditions for the crop persist in the Midwest.
Corn for delivery in September fell 9 cents, or 2.2 percent, to $4.06 a bushel, its lowest price since August 2010. As recently as April 29, corn was trading at $5.22.
The price of corn has slumped in the last two months, as the right combination of sun, rain and moderate summer temperatures has boosted the chances of a record crop this year. U.S. corn is currently entering its pollination stage, a critical point in its development.
“We saw further acceleration to the downside today, and the principal driver is the weather,” said Sterling Smith, a commodities analyst at Citigroup.
The prices for wheat and soybeans also fell.
Wheat for September dropped 22.8 cents, or 3.9 percent, to $5.57 a bushel. Soybeans for the same month fell 8 cents, or 0.7 percent, to $11.26 a bushel.
Most metals ended lower: Gold, silver, copper and platinum all fell, while palladium rose.
Gold for August delivery dropped $3.60, or 0.3 percent, to $1,317 an ounce. Silver for September fell 12.3 cents, or 0.6 percent, to $21.01 an ounce. Copper for the same month fell 1.9 cents, or 0.6 percent, to $3.26 an ounce. Platinum for October slipped $12.10, or 0.8 percent, to $1,495.60 an ounce. Palladium for September rose $7.05, or 0.8 percent, to $868.95 an ounce.