Corn jumped the most in 14 months
and soybean futures rallied the most since 2011 as hot, dry
Midwest weather threatens to erode crop yields in the U.S., the
world’s biggest grower. Wheat also advanced.
Temperatures will average as much as 14 degrees Fahrenheit
above normal during the next 10 days, with little rain expected
in the Midwest, T-Storm Weather LLC said in a note to clients
today. July and August will be the driest since 1936 in Iowa,
Illinois and Indiana. Corn production will be 2.2 percent below
the government’s forecast on Aug. 12, while the soybean harvest
will be 3 percent less, Professional Farmers of America said
Aug. 23, after a tour of crops in seven states last week. (more)
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