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US corn, grains surge on weather woes
New York
 

Concerns about dry crop weather sparked a surge in US corn and other grain markets, amid a run-up in other food commodity prices.

Corn prices ended up 4 percent on concerns about a turn to drier weather this week in the US Midwest crop region.

Corn for September delivery settled up 23-1/4 cents at $5.53 per bushel on the Chicago Board of Trade, or CBOT.

Soybeans soared by more than 5 percent on the same weather worries and on a potential boost to US soy exports from fresh farmer protests in Argentina, the world's third-largest soy exporter.

CBOT's September soybeans settled up 67-1/2 cents at $12.79.

Wheat climbed by more than 4 percent, following corn and soy. A few pockets of weather concerns also were beginning to surface in the wheat market, including in Australia, a big global producer and exporter of wheat.

CBOT wheat for September shipment was up 35-1/2 cents at $8.59-3/4 per bushel.

"There's not a lot of moisture in the forecast and it's definitely dry in some spots in Ohio, Michigan, parts of Indiana and Minnesota," said Jerry Gidel, analyst for North America Risk Management Inc. - Reuters


 
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