This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Drop In Supply Pushes Up Corn Prices

By The Associated Press

Corn prices jumped Friday after a government report showed that farmers harvested less corn last year than anticipated, largely the result of a long-running drought.

The U.S. Department of Agriculture's final 2012 crop report revealed that farmers produced a harvest of 10.78 billion bushels of corn last year. That's 27 percent less than the agency's first estimate. The country's stockpile of corn, used as food for cattle and other farm animals, dropped to 8.03 billion bushels as of Dec. 1.

Corn prices shot up immediately after the report came out. Corn for March delivery rose 1.4 percent, or 10 cents, to settle at $7.0875 a bushel. Corn ended the week up 4 percent.

"The report was bullish for corn prices," said Sterling Smith, a commodities strategist at Citigroup. "We're still seeing the after-effects of the drought."

Concerns about the drought also helped push up wheat prices. Wheat for March delivery increased 1.4 percent, or 10.25 cents, to $7.5475. Soybeans fell 6.5 cents to $13.7325 a bushel.

A report of higher inflation in China helped push other commodity prices down Friday. China's official statistics bureau said inflation hit a six-month high in December. Rising prices could hamper the government's efforts to support the world's second-largest economy. Central banks usually curb inflation by raising interest rates, which makes lending more expensive and slows down spending.

Metal prices tumbled, with gold, silver and copper dropping 1 percent or more. Gold for February delivery sank $17.40 to $1,660.60 an ounce.

Other metal prices sank, too:

â¿¿ Silver for March delivery fell 51 cents to $30.4080.

â¿¿ Platinum for April fell $3.10 to $1,631.20.

â¿¿ Copper for March delivery fell 5.5 cents to $3.6540 a pound.

â¿¿ Palladium for March dropped 75 cents to $701.45 an ounce.

In energy trading, benchmark oil dropped 26 cents to finish at $93.56 a barrel in New York. Other prices were mixed:

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.88 0.19%
FB $101.94 0.03%
GOOG $682.36 -0.11%
TSLA $150.75 0.19%
YHOO $27.01 0.93%


Chart of I:DJI
DOW 15,954.93 +294.75 1.88%
S&P 500 1,860.28 +31.20 1.71%
NASDAQ 4,327.2480 +60.4110 1.42%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs