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Grain futures rise on dry spell

June 27, 2012 at 5:53 PM

CHICAGO, June 27 (UPI) -- Grain futures closed higher Wednesday on the Chicago Board of Trade ahead of a heat wave headed for already dry central states.

Corn was up 3 1/2 to up 9, soybeans were up 1/4 to up 1 1/4, wheat was up 3 to up 6 and oats were up 8 1/4 to up 20.

Corn prices rose with 100 degree temperatures expected at the end of the week in the southern Midwest and in the Delta area. Wheat prices rose with Statistics Canada reporting fewer acres planted in wheat than previously forecast, the seeding estimated at 23.8 million acres.

Soybean prices were flat with dry weather, which is forecast for the next two weeks, expected to diminish yields at the end of the growing season.

The prices:

Corn: Jly 6.49 1/2 up 3 1/2, Sep 6.27 1/2 up 8, Dec 6.33 up 9, Mar 6.41 3/4 up 8 1/4.

Soybeans: Jly 14.71 up 1/2, Aug 14.56 up 1/2, Sep 14.26 up 1/4, Nov 14.14 1/2 up 1 1/4.

Wheat: Jly 7.32 up 3, Sep 7.51 1/4 up 4 1/4, Dec 7.72 1/4 up 6, Mar 7.86 up 4 3/4.

Oats: Jly 3.47 3/4 up 11, Sep 3.37 1/2 up 8 1/4, Dec 3.45 1/4 up 18 1/4, Mar 3.50 3/4 up 20.

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