Corn Hits All-Time High; Heat Proves Relentless
Associated Press -- July 31, 2012 -- Corn prices are back in record territory as hot, dry weather relentlessly pounds crops across much of the country.Corn for September delivery rose 2.7 percent Monday to end at $8.20 per bushel. The most active contract was for December delivery, which ended up 2.6 percent at $8.14 per bushel. Soybeans also rose.
Most analysts believe that the corn crop is damaged beyond repair. They also believe substantial rains could save at least a portion of the soybean crop.
Other commodities are mixed ahead of this week's meetings of the European Central Bank and the Federal Reserve. Traders are hoping the banks will approve steps to promote economic growth.
Prices are higher for gold, silver, natural gas and wheat. Oil, heating oil and copper are lower.
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