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Grain prices fall sharply on Wall Street decline
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NEW YORK — Grain prices fell sharply Tuesday after Wall Street's failure to extend the previous day's massive rally prompted investors to pull money out of commodities.
Stocks ended trading moderately lower as investors cashed in profits following the Dow Jones industrials' stunning 936-point advance on Monday.
Soybeans for November delivery fell 32 cents to settle at $8.96 a bushel on the Chicago Board of Trade, while wheat for December delivery lost 15.5 cents to settle at $5.73 a bushel.
December corn lost 0.25 cent to settle at $4.1125 a bushel.
In a note to clients, Vic Lespinasse of Grainanalyst.com said the "steep break in equity markets" shortly before agriculture markets closed "was partly behind the big sell off in grains at the end of the session."
In energy markets, crude oil turned lower Tuesday as investors shifted their focus back to dwindling demand for energy.
Light, sweet crude for November delivery fell $2.56 to settle at $78.63 on the New York Mercantile Exchange after fluctuating between positive and negative territory for most of the day.
The contract rose $3.49 to settle at $81.19 on Monday.
Crude is down 47 percent since reaching a peak of $147.17 in mid-July as the credit crisis has steadily eroded the growth outlook for world economies.
In other Nymex trading, heating oil futures fell 8.13 cents to settle at $2.2882 a gallon, while gasoline futures fell 3.28 cents to settle at $1.8848 a gallon.
In precious metals trading, gold for December delivery fell $3 to settle at $839.50 an ounce on the Nymex.
December silver rose 27 cents to settle at $11.06 an ounce on the Nymex, while December copper rose 8.2 cents to settle at $2.3945 a pound.
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