Corn, Soybeans Rise as Adverse Weather Threatens U.S. Yields
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Corn rallied to an 11-week high and soybeans touched the highest price since February on speculation that dry weather during the next two weeks will erode yields in the U.S., after a July heat wave damaged plants.
The next two weeks will have less rain than normal from Nebraska to Indiana, leaving about a third of the main growing areas in the Midwest too dry, Bethesda, Maryland-based Commodity Weather Group LLC said today in today in a report. Average temperatures in July were as much as 8 degrees Fahrenheit above normal, expanding drought conditions from the Great Plains to the Midwest, government data show.