US corn falls 57 cents/bushel week on week

08 October 2008 20:52  [Source: ICIS news]

HOUSTON (ICIS news)--Corn prices recovered slightly on Wednesday on the Chicago Board of Trade (CBOT), but they have still lost 57 cents/bushel over the past week, following other commodities downward.

Corn futures for December delivery gained ten cents to settle at $4.27/bushel (€3.12/bushel), down 57 cents/bushel from their price a week ago and down $1.36/bushel from two weeks ago.

The front-month contract dipped as low as $4.08/bushel in intraday trading on Wednesday.

Since peaking near $8/bushel this summer, corn prices have since followed crude oil prices and other commodities downward.

Corn is a major feedstock for many products, including ethanol and sorbitol. Corn also affects demand for fertilizers.

($1 = €0.73)

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By: David Rosen
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