Corn Reaches 13-Month High on Signs of Worsening U.S. Drought
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Corn touched a 13-month high in Chicago as damage from the worst U.S. drought in a generation stoked concern yields will drop. Soybeans declined.
The Department of Agriculture cut its ratings for U.S. corn conditions for a sixth week yesterday, while heat indexes in Illinois, Indiana and Wisconsin may top 100 degrees Fahrenheit (38 degrees Celsius) today, National Weather Service data show. Grain and oilseeds are the best performing commodities this year among 80 raw materials tracked by Bloomberg. The rally may drive world food costs to a record this year, Danske Bank A/S said.