Corn, Soybeans Surge as Hot, Dry Weather May Damage U.S. Crops

Corn futures surged to six-month high, and soybeans rose to the highest price since early May on mounting concern that hot, dry weather in the next six weeks may damage crops in the U.S., the world’s biggest producer and exporter.

In the Midwest, high temperatures in the western part of the region and mostly dry weather in the eastern area will deplete soil moisture in the next two weeks, said Donald Keeney, the senior agricultural meteorologist for MDA EarthSat Weather in Rockville, Maryland. The pattern will continue in the central Midwest through August, he said.