Corn ends year worst on commodities list
Corn futures fell on the last trading day of 2013, bringing this year's loss to 40% and making the grain the worst performer on the S&P GSCI Index of 24 commodities.
Corn prices plunged this year as production in the U.S., the world's biggest grower and exporter of the grain, surged to a record 13.989 billion bushels. Farmers gathered 160.4 bushels an acre from U.S. corn fields, a 30% increase from last year's drought-ravaged crop, according to the Agriculture Department.
After the U.S. harvest was complete, market-watchers turned their attention to South America, where recent rainfall has improved crop prospects. Precipitation fell overnight in parts of Argentina and is expected to persist in the six- to 15-day period, according to Commodity Weather Group.
Chicago Board of Trade corn futures for March delivery fell 1 1/2 cents, or 0.4%, to $4.22 a bushel on Tuesday, the lowest closing price for the front-month contract since Dec. 13.
Soybean futures for January delivery declined 15 3/4 cents, or 1.2%, to $13.12 1/2 a bushel on the CBOT.
Wheat futures for March delivery gained 4 3/4 cents, or 0.8%, to $6.05 1/4 a bushel in Chicago trading.
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(END) Dow Jones Newswires
December 31, 2013 14:58 ET (19:58 GMT)