Commodities Tumble Again
The “raw” in raw materials today might describe the deals producers are getting.
A widely watched index of key commodity prices fell Tuesday to its lowest level since 1992, as the global decline in raw materials prices continues unabated.
The CRB-Bridge index of 17 major commodities fell 0.91 point, or 0.5%, to 199.77, its first close below the 200 level since 1992.
Leading Tuesday’s decline: corn, which hit a 10-year low of $2.04 a bushel on prospects for a record U.S. crop; hogs, at a nine-year-low as supplies swell; and natural gas.
Prices of many commodities have been hammered as Asia’s economic crisis slashes demand in that region. Producers, meanwhile, have been unable to scale back production fast enough--or, in the case of U.S. farmers, have made no attempt to do so.
CRB index history, D10
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