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News Summary: Corn sinks on export worries

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The Associated Press | December 7, 2012 05:56 PM EST | AP


EXPORT WOES: Corn prices fell as traders worried again about a weak export report issued by the U.S. Department of Agriculture. Sterling Smith, futures specialist at Citi in Chicago, said exports were far weaker than the market had expected.

LOW WATER: Drought conditions in Nebraska, Kansas and other states has caused water levels in the Mississippi River to drop, leading to weight restrictions on cargo barges that could impact the transport of corn, Smith said. U.S. corn is already facing price pressures on the global market.

METALS RISE: Copper for March delivery rose 1.85 cents to $3.6630 a pound. Gold, platinum, silver and palladium prices also rose.