NEW YORK ( TheStreet) -- Corn prices retreated Thursday after reaching a 52-week high earlier in the session in anticipation of shrinking inventories.
Corn for May delivery closed at $7.60 ¼ a bushel, down 0.4%, pulling back after scaling to a peak of $7.73 ¼ earlier in the session.
One main reason for the retreat was concern over Japan's ability to import corn after the country was hit by another earthquake on Thursday.
"That caused shock in entire commodity pit today," MaxYield Cooperative analyst Karl Setzer said. "We
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