July 21, 2012

Corn, Soybeans Rise Again as Hot Weather Persists


Prices for corn and soybeans jumped again as forecasts call for more blistering heat in crop-growing regions across the U.S.

Corn for September delivery jumped 16.75 cents to settle $8.245 a bushel, the second straight day of record highs. August soybeans settled at $17.575 a bushel, up 23.75 cents and the third straight record-setting day.

Crop prices have been soaring since late June as hot weather blankets the Midwest and other growing regions.

John Sanow, a commodities analyst at Telvent DTN, says there doesn't appear to be relief in sight for the crops. He said forecasts are calling for scattered chances of rain, but nothing that would have a big impact.

"It's really too late for corn at this point," Sanow said.

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