Corn prices fall as rains boost crops

Commodity prices have been very volatile historically. Global food prices have shot up over the past two years, spurring revolutions throughout the Middle East and North Africa, and contributing to inflationary pressures in the U.S. and elsewhere around the world. 

Demonstrating that trend, corn futures fell the most in more than a week on Thursday after heavy rains hit growing regions in the U.S. Midwest. Industry analysts welcomed the news, and many farm-monitoring agencies upwardly revised their projections for corn harvest yields, sending prices lower.

Meteorologists project the Midwest to experience increasing showers over the coming days and perhaps into the weekend, giving a much needed boost to crops. What's more, rain could fall in the northern areas of the winter wheat belt, helping to improve planting prospects.

"Rains at this sort of critical crop development are always good," Australia and New Zealand Inc. agricultural commodity analyst Victor Thianpiriya told Bloomberg.

On the Chicago Board of Trade on Thursday, corn futures for December delivery fell 1.8 percent, or roughly 13 cents, to settle at $7.13 per bushel.