NEW YORK (AP) — Commodities prices are mostly falling, led by another drop in grain prices because of the huge crop that came in last year.
Corn has led the grain downturn throughout the week after the Department of Agriculture said Tuesday that 2009 brought record supply of the crop.
“That absolutely shocked the marketplace,” said Jason Ward, a market analyst with Northstar Commodity in Minneapolis. Ward said investors had been betting the new report would show a decline.
Corn for March delivery fell 9 cents to settle at $3.72 a bushel. Soybeans also fell 6 cents to end at $9.75 a bushel, while wheat dropped 17.25 cents to $5.105 a bushel.