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Corn price falls on record crop forecast
Corn futures fall after government predicts another record crop as yields rise
By The Associated Press
Associated Press
2014-05-10 03:01 AM

Corn is falling after the government forecast a record crop for this year.

The price of corn fell 9 cents, or 1.7 percent, to $5.08 a bushel on Friday. The grain has climbed 20 percent this year as planting was delayed by unseasonably cool weather and on concern that corn exports from Ukraine would fall due to tensions with Russia.

U.S. farmers are forecast to produce 13.9 billion bushels of corn this season, according to the U.S. Department of Agriculture's forecast. The government is predicting that higher crop yields will offset a reduction in the number of acres of corn that are planted.

Metal prices were mixed.

Gold was little changed, while silver, platinum and palladium edged lower. Copper rose.

In energy trading, the price of oil edged lower.

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