Corn futures are rallying again after some setbacks this past week. Results from the Pro Farmer Midwest Crop Tour measured the impact of hot and dry weather on crops largely fueled market direction. Soybean prices remained firm and wheat inched higher upon the publishing of results.
Corn has remained below a near two-month high that came Wednesday after less-than-impressive yield readings. Many fear worse damage than previously anticipated to the corn crop following moderate to severe drought conditions this summer. China’s hot and dry weather conditions have also spurred U.S. grain and oilseed prices with anticipated higher foreign demand.
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