US corn, soybean and oil prices have plunged, with a combination of a strengthening US dollar and improving crop yields suggesting that the 6-month long commodities price spike is over. Corn has fallen 35 percent from its high of $7.99 reached on June 27th, to a closing price of $5.18 at the CBOT. Soybeans dropped to $11.80, down from a high of $16.36 on July 3rd. Oil has fallen to $114.62, down from a high of $140. Observers said that the dollar rally has reduced the appeal of commodities as an inflation hedge.
More here on the corn crisis background
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US corn, soybean and oil prices have plunged, with a combination of a strengthening US dollar and improving crop yields suggesting that the 6-month long commodities price spike is over. Corn has fallen 35 percent from its high of $7.99 reached on June 27th, to a closing price of $5.18 at the CBOT. Soybeans dropped to $11.80, down from a high of $16.36 on July 3rd. Oil has fallen to $114.62, down from a high of $140. Observers said that the dollar rally has reduced the appeal of commodities as an inflation hedge.
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