Corn prices rise as China muscles in

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Associated Press

Posted on April 27, 2012 at 3:02 PM

Updated Friday, Apr 27 at 3:02 PM

The price of corn is closing higher, boosted by strong demand from China.

Corn is up 18 cents, or 3 percent, to settle $6.255 per bushel Friday. Soybeans, which have also benefited from Chinese demand, are up 13.25 cents, or 0.9 percent, to $14.935 per bushel. China is buying soybeans and corn from the U.S. partly because of a weak crop in South America.

Metals are up across the board, with the most notable increases in copper and palladium.

Natural gas climbed slightly for the day and is up nearly 15 percent from about a week ago, when it hit its lowest level in more than a decade. The price had fallen because a mild winter dampened demand, but cooler spring weather could encourage homeowners to turn up their heat.

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