Corn, Bean Futures Rise as Heat Wave Continues in Central Midwest07/20/2017
Corn and beans were higher in overnight trading as hot weather continues in much of the central Corn Belt. Wheat declined.
Temperatures are expected to reach triple digits with heat indexes as high as 110 degrees Fahrenheit today in the eastern half of Kansas, southeastern Nebraska, the southern half of Iowa, almost all of Missouri and a large chunk of Illinois, according to the National Weather Service.
The heat wave, which is never really welcome, comes at a bad time as corn is silking and soybeans are blooming and setting pods.
Crop conditions declined this week with corn, beans and wheat all dropping by 1 percentage point thanks to the extremely hot weather this summer.
Corn for December delivery rose 5 cents to $4.01 ¼ a bushel overnight on the Chicago Board of Trade.
Soybeans for November delivery gained 8 ¾ cents to $10.21 ¼ a bushel overnight. Soymeal gained $2.40 to $336.60 a short ton and soy oil futures added 0.30 cent to 34.18 cents a pound.
Wheat for September delivery fell 1 cent to $5.02 a bushel overnight and Kansas City futures lost ½ cent to $4.99 ¾ a bushel.