Corn prices are skyrocketing as severe heat bakes crops in the Midwest.
December corn jumped 7.2 percent Monday to finish at $5.94 per bushel.
The searing heat comes during a critical pollination period for corn, which is eroding some of the advantage farmers had hoped for when they planted the crop early because of a mild spring.
The potential for a smaller corn harvest is driving up the price of wheat on expectations that demand will pick up because wheat also can be used to feed livestock.
Soybeans are forecast to remain in tight supply, particularly if dry weather continues.
Gold for August delivery gained $21.50 to finish at $1,588.40 an ounce, July silver rose 85.9 cents, or 3.2 percent, to $27.52 an ounce.
Poster Comment:
Our corn is holding in there for now but we are expecting upper 90's the next couple of days and maintaining mids 80's after that. No real prospects for rain above 20-30%.
