Morgan Stanley said on Thursday it saw lower revenue from commodities trading in the first quarter from a year before, as its risk in trading in those markets also fell.

"Fixed Income & Commodities sales and trading net revenues were $1.5 billion compared with $2.6 billion a year ago reflecting declines in commodities and rates," the Wall Street bank said.

The decline was partly offset by higher results in securitized products and relative strength in corporate credit, it added.

Morgan Stanley also said its Value-at-Risk for trading commodities averaged $20 million per day in the three months to March 31, versus $22 million in the fourth quarter of 2012 and $27 million in the year-earlier first quarter.

(Reporting by Barani Krishnan; Editing by Gerald E. McCormick)