Wednesday, September 17, 2008

Corn Rides Returning Favor of Commodities as Investors run for Cover

December delivery for corn increased by 22 cents a bushel, riding the migration of investors to commodities as they seek shelter from the financial markets. Corn closed at $5.54 a bushel on the Chicago Board of Trade.

Most dollar-denominated commodities were benefactors of the exodus from equities.

Soybeans were also up on the day, increasing by 26 cents to $11.39 a bushel, a 1.3 percent jump.

The U.S. dollar index was down as the greenback fell against most major currencies.

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