An exceptionally hot summer and the worst drought in more than a half century has caused cut prospects for the US corn crop to a five-year low and has sent prices up to over $8.00 a bushel in late July trading. (Photo by Justin Sullivan/Getty Images)
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After 'fiscal cliff' party, commodity prices slip

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Prices for a wide variety of commodities, from corn to gold to oil, are closing lower as investors lose some of their enthusiasm for the "fiscal cliff" compromise.

Commodities followed the stock market Thursday, which also lost some of its gains from the day before.

Stocks zoomed higher Wednesday, as did prices for many commodities. Investors were relieved that Republicans and Democrats had worked out a budget compromise to at least temporarily ward off automatic tax increases and government spending cuts.

Prices for gold, silver, copper and palladium slipped, after rising the day before. Platinum was the exception, rising less than 1 percent.

Prices for oil and other energy commodities were also down. Corn and soybean prices also slipped. Wheat was essentially flat.

Copyright Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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