Corn, other grains fall on supply worries

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Associated Press

Posted on December 7, 2012 at 8:00 PM

Updated Saturday, Dec 8 at 9:01 AM

Corn and other grain prices are closing lower as traders worry about weak exports and shipping troubles along the Mississippi River.

March corn fell 14.25 cents, or 2 percent, to settle at $7.3725 a bushel Friday.

Soybeans also fell. The January contract lost 19 cents, or 1 percent, to $14.7225 a bushel.

Sterling Smith, futures specialist at Citi in Chicago, said there was continuing fallout on corn prices from the very weak export report issued by the Department of Agriculture Thursday.

Very dry conditions have also led to restrictions on the amount of cargo that can be carried on barges on the Mississippi. Traders worry that U.S. corn is already facing tough competition from lower-priced grain from South America.

Gold and other metals prices rose. Energy prices were mixed.

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