NEW YORK (AP) – Soybean prices tumbled Friday after the dollar continued its rally against the euro, giving investors more reasons to sell commodities that were bought as a hedge against inflation. Corn and wheat also fell sharply.

The dollar gained ground against the euro although the Labor Department issued a disappointing report on U.S. employment; more pessimism about the health of European economies supported the greenback. The 15-nation euro fell to $1.4266 in late New York trading Friday from $1.4331 late Thursday.

A stronger dollar dampens investors’ appetite for commodities, which are typically bought as safe-haven investments used to hedge against inflation and weakness in the U.S. currency.

Soybeans for November delivery fell 58 cents, or 4.7 percent, to settle at $11.77 a bushel on the Chicago Board of Trade.

Other agriculture futures also fell sharply. Wheat for December delivery lost 25.5 cents to settle at $7.515 a bushel on the CBOT, while December corn fell 16 cents to $5.485 a bushel.

“Background macroeconomic worries about a world-wide slowdown are partially behind the big losses … not just in the grains but in commodities in general,” said Vic Lespinasse of

In energy markets, oil prices fell to a five-month low Friday as a jump in the U.S. unemployment rate boosted beliefs that Americans will continue to cut back on driving and other energy use.

Light, sweet crude for October delivery fell $1.66 to settle at $106.23 a barrel on the New York Mercantile Exchange, its lowest settlement since early April.

Other energy futures also fell. Heating oil futures fell 4.09 cents to settle at $2.9828 a gallon on the Nymex, while gasoline prices dropped 5.43 cents to settle at $2.6861 a gallon.

In precious metals trading, gold prices fell for a fifth session as the stronger dollar fed selling.

Gold for December delivery fell 40 cents to settle at $802.80 an ounce on the Nymex, after earlier falling as low as $794.80 an ounce.

Other precious metals also traded lower.

December silver fell 61.5 cents to settle at $12.325 an ounce, while December copper fell 16.75 cents to settle at $3.0985 a pound.

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