Corn drops as ethanol fuel inventories increase

Published on NewsOK Modified: December 19, 2012 at 2:59 pm •  Published: December 19, 2012
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Other commodities were mixed as U.S. budget negotiations appeared to hit a wall less than two weeks before tax hikes and government spending cuts are set to take effect.

President Barack Obama said he and House Speaker John Boehner were "pretty close" to a deal. His comments came shortly after the White House threatened to veto Boehner's backup plan for averting the "fiscal cliff."

Gold for February delivery fell $3 to finish at $1,667.70 an ounce. In March contracts, silver fell 55.3 cents to $31.116 an ounce, copper fell 4.8 cents to $3.6055 a pound and palladium rose $7.40 to $698.35 an ounce. January platinum dropped 80 cents to $1,592.90 per ounce.

Benchmark crude jumped $1.58, or about 1.8 percent, to finish at $89.51 per barrel in New York. It was the biggest gain in a month.

In other energy trading, heating oil rose 3.91 cents to finish at $3.0356 a gallon. Natural gas fell 9.8 cents, or 2.9 percent, to $3.32 per 1,000 cubic feet after rising for two straight days. Wholesale gasoline gained 5.22 cents to finish at $2.7431 a gallon.

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