Corn futures down 31% over past four weeks

22 October 2008 22:07  [Source: ICIS news]

HOUSTON (ICIS news)--Corn futures for December delivery fell 26 cents/bushel to settle at $3.85/bushel (€2.93/bushel) on the Chicago Board of Trade on Wednesday, down $1.78/bushel, or more than 31%, over the past four weeks as part of a broad-based commodities sell-off..

The December contract’s Wednesday settlement represented a drop of just three cents week-on-week, the smallest decline since corn values began plummeting four weeks ago.

Corn prices have fallen along with other commodities in a broad-based sell-off since oil values began their decline after peaking in early July. Corn futures at that time spiked near $8/bushel.

As of Wednesday’s close, corn prices for 2009 delivery ranged from $4.00-4.39/bushel, depending on the month of delivery.

Corn is the feedstock for a number of chemicals in the US ranging from ethanol to sorbitol.

($1 = €0.76)

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By: David Rosen
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