News Summary: Corn prices jump as heat bakes crops

Published July 9, 2012 7:56pm ET



MORE HEAT: Prices for corn, wheat and soybeans all rose as hot weather continued to affect growing regions in the Midwest. The December corn contract surged 5 percent, or 37 cents, to settle at $7.30 a bushel.

A ‘WEATHER MARKET’: Grains are trading in close relation to the weather, and commodities analysts expect that pattern to hold. “The next 10 days look pretty dry across the Midwest,” said Scott Strand, an analyst with Northstar Commodity in Minneapolis.

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