Corn Futures Fall on Japan Concerns

Corn futures dropped on concerns Japan would cut U.S. corn purchases.

Light, sweet crude for April delivery fell as low as $99.01 a barrel early in the session Friday before recovering to settle down $1.54, or 1.5%, at $101.16 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures fell $1.59, or 1.4%, to settle at $113.84 a barrel.

Corn and lean hog futures saw some of the sharpest declines on fears the disaster would slow demand from a key buyer. Further selling came from traders looking to just exit commodities markets because of the overall uncertainty that follows a natural disaster.

"The immediate impact of the earthquake was extreme uncertainty—the condition most hated by investors," said Bryce Knorr, analyst for Farm Futures, an agricultural publication.




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