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Rainy Days Push Down Corn Prices; Chances Gold Will Hit $1,000

August 25, 2009 at 19:19 by Andriy Moraru

Corn futures fell today on the outlooks for better crops, following the rains in the American Midwest. The traders expect larger crop yield with a big portion of it being in a rather good condition. The forecasts for the average bushel-per-acre yield went up from 159.5 to 162.5 in less than two weeks. Analysts point out the fact that the improved weather conditions for crops in August have always meant better yield and thus have always pushed certain agricultures’ prices down. December corn futures declined by $0.0225 (0.7 percent) to $3.3325/bushel as of 10:53 at Chicago Board of Trade.

Latest technical analysis from Barclays Capital suggests a highly probable break through $1,000/ounce mark for the gold quite soon. The patterns similar to those, that managed to push the gold up last year, are currently showing up on the charts, while the 200-day moving average suggests that the gold is still in an uptrend. Today gold fell from $953.03 to $944.64 (losing 0.9%) as of 17:13 GMT.

If you have any questions and comments on the commodities today, use the form below to reply.

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