Oil, corn prices take a break

Weakening economy, temperate weather cool commodities markets NEW YORK - Only a month ago, sizzling commodities prices seemed destined to soar higher with record-breaking rallies in crude oil and corn. But now the boom appears to be taking a breather, cooled by a weakening economy and more temperate weather. In just seven trading days, oil has lost more than $20 a barrel, or 14 percent, as record energy prices eat into demand. Yesterday, light sweet crude for September delivery dropped $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange, crude's lowest finish since June 4. Meanwhile, corn has fallen 21 percent, soybeans 12 percent and wheat 8 percent since the start of the month, as ideal farming weather boosts Midwest crops battered by recent floods. Even gold, a bellwether of the commodities boom, has... [read full story]