Soybeans, Corn Rise as Hot Weather Threatens U.S. Crops
Soybeans rose as persistent hot, dry weather threatens crops in the U.S., the world’s largest producer. Corn and wheat were little changed.
Temperatures will near 100 degrees Fahrenheit (38 degrees Celsius) in parts of the Midwest today and tomorrow, National Weather Service data show. Crop stress has been greatest in parts of Iowa into western Illinois, the largest corn and soybean producing states, according to World Weather Inc. The oilseed jumped 14 percent this month through yesterday, while prices for the grain rose 0.4 percent.
“The hot weather is still more of an issue in soybeans than it is in corn,” Dewey Strickler, the president of Ag Watch Market Advisers in Franklin, Kentucky, said by telephone. “The corn pollinated earlier in the month, so it’s pretty well a done deal. Beans are still subject to some dry conditions.”
Soybean futures for November delivery rose 0.4 percent to $13.7875 a bushel at 9:28 a.m. on the Chicago Board of Trade. The price is heading for the biggest monthly gain since July 2012.
Corn futures for December delivery gained 0.1 percent to $4.8125 a bushel in Chicago. Through yesterday, prices tumbled 40 percent in the past 12 months on the outlook for a record U.S. harvest.
Wheat futures for December delivery slid less than 0.1 percent to $6.5925 a bushel in Chicago.
Corn is the biggest U.S. crop, followed by soybeans, hay and wheat, government data show.
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