Corn slumps on weather outlook

The Associated Press

The price of corn is falling as more rain is forecast in the Plains region that will likely help the crop during its crucial pollination season.

Corn for December delivery fell 12 cents, or 2.5 percent, to $4.67 a bushel, its lowest price in three years. The price of corn has fallen 44 percent since surging as high as $8.39 a bushel last August after the Midwest was hit by a drought.

Other agricultural products also fell on Thursday.

November soybeans dropped 13.75 cents, or 1.1 percent, to $11.925 a bushel. September wheat fell 6.25 cents, or 0.9 percent, to $6.58 a bushel.

In metals trading, gold edged lower and silver was barely changed.

Oil gained 2.7 percent to close at $107.89 a barrel on the New York Mercantile Exchange.