Corn and soybean prices rose sharply in overnight trading on concerns about the impact of hot, dry weather this week in Iowa and the corn belt.
Corn opened up 23 cents per bushel for the new crop November contract, reaching $5.70. Corn has gained almost 70 cents per bushel on weather concerns in the past two weeks.
Soybeans are up 34 cents per bushel to $13.99.
While parts of Iowa received up to one-half inch of rain early Sunday, most of the state remains abnormally dry. Central Iowa is listed by the U.S. Drought Monitor as in “moderate drought.”
This week’s forecast from the National Weather Service shows no rainfall through Friday, with temperatures in the mid to upper 90s.
The Weather Service last week forecast drought conditions through September for much of Iowa, Illinois and Indiana, all critical corn producing states.
Such a forecast raises concerns about the pollination of the corn crop in the next two weeks. Corn pollinates best in temperatures in the upper 80s with adequate soul moisture...
Source: Argentine Beef Packers S.A.
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