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Corn, wheat, soybean futures rise sharply

July 5, 2012 at 5:29 PM   |   Comments

CHIC, Ill., July 5 (UPI) -- Grains closed sharply higher Thursday on the Chicago Board of Trade with trades again dictated by weather reports that call for continued dry heat.

Corn was up 33 1/2 to up 49 1/4, soybeans were up 51 3/4 to up 54 1/4, wheat was up 29 to up 40 1/4 and oats were up 6 to up 14 1/4.

Corn prices rallied despite Brazil's government revising their corn production for the year nearly 2 million metric tons higher at 69.48 million metric tons.

Wheat prices rose with reports of crop under stress in Russia and weather reports that pushed heat expectations higher in the Midwest.

In the soybean market, prolonged heat has given rise to concern of a diminished yield at the end of the season.

The prices:

Corn: Jly 7.68 up 49 1/4, Sep 7.08 3/4 up 34 3/4, Dec 7.08 1/2 up 34, Mar 7.15 3/4 up 33 1/2.

Soybeans: Jly 15.72 1/4 up 54 1/4, Aug 15.29 1/2 up 53 1/2, Sep 14.98 up 53 1/2, Nov 14.74 3/4 up 51 3/4.

Wheat: Jly 8.222 1/2 up 40 1/4, Sep 8.38 up 38 3/4, Dec 8.47 up 33 1/4, Mar 8.55 1/2 up 29.

Oats: Jly 3.56 up 7 1/4, Sep 3.65 1/4 up 14 1/4, Dec 3.64 up 7 1/4, Mar 3.67 3/4 up 6.

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