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Grains, Soybeans Extend Rallies on Expanding U.S. Dry Weather

Corn futures rallied to a 10-month high, wheat reached the highest since February 2011, and soybeans gained on signs that a drought is expanding in the main growing region of the U.S., the world’s biggest exporter.

A “large-scale, intense heat wave” will affect most of the central U.S. during the next 10 days, increasing stress on crops after the seventh driest May-to-June period since 1895, T-Storm Weather LLC said in a report. At least 50 percent of the growing region was pressured by temperatures above 90 degrees Fahrenheit (32 degrees Celsius) in 10 of the last 14 days. This month may be the warmest July in 117 years, the forecaster said.