Corn prices climb on reports of falling supply

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Associated Press

Posted on March 31, 2014 at 3:00 PM

Updated Monday, Mar 31 at 3:02 PM

Corn is climbing to its highest price this year, 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 on Monday. 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.

Soybeans rose 28 cents to settle at $14.64 a bushel.

In other trading, prices for most metals fell. Crude oil settled slightly lower.

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