Summary Box: Grains rally as USDA predicts smaller harvest than expectedBy AP
Friday, October 8, 2010
Summary Box: Grains rally on smaller harvest
GRAINS RALLY: Grain prices soared Friday after a government report showed this year’s corn harvest might be smaller than initially expected. Corn prices rose 30 cents to settle at $5.2825 a bushel. Soybeans for November delivery rose 70 cents to $11.35 a bushel.
SMALLER HARVEST: The USDA estimated that the U.S. corn harvest will be 4 percent smaller than expected, while the soybean harvest will be 2 percent smaller.
GOLD UP: Gold and other metals prices also rose on jitters over the economy. Gold for December delivery rose $10.30 to settle at $1,345.30 an ounce.