Boom in oil, corn prices seems to be ebbing

Weather and slowing economy may be reining in commodities’ run 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 a milder Mother Nature. In just seven trading days, oil has lost more than $20 a barrel, or 14 percent, as record energy prices eat into demand. 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 lost ground, falling 6 percent in the last week. Commodities turned even lower Wednesday in the second straight sell-off, with silver, copper and wheat all trading lower.... [read full story]