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Corn prices climb on reports of falling supply

Published on NewsOK Modified: March 31, 2014 at 3:28 pm •  Published: March 31, 2014

Corn reached its highest price of the year Monday after government reports pointed to a tighter supply of the crop.

The price of a bushel of corn increased 10 cents, or 2 percent, to settle at $5.02. That's the highest price since July 17, according to the data provider FactSet.

In its annual forecast, the U.S. Department of Agriculture said the number of acres devoted to corn will likely shrink about 4 percent this year as farmers use more land for soybeans. The USDA estimates that 91.7 million acres of corn will be planted this year, down from 95.4 million acres last year. Corn prices have fallen 28 percent over the past year, while soybean prices are up 4 percent.

In a separate report, the USDA said the US had 7.01 billion bushels of corn stockpiled, well below private estimates.

Soybeans rose 28 cents to settle at $14.64 a bushel on Monday, while wheat inched up 2 cents to $6.97.

Metals were mixed. Gold for June delivery fell $10.50 to settle at $1,283.80. Silver for May lost 4 cents to $19.75.

The copper contract for May slipped 2 cents to settle at $3.03 a pound.

Platinum for July rose $13.60 to $1,420.80, and palladium for June rose $3.40 to $777.10.

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