CHICAGO, July 3 (UPI) -- Grains closed sharply higher Tuesday on the Chicago Board of Trade with dry, hot weather forcing traders to consider declining crop production.
Corn was up 18 1/4 to up 26 1/4, soybeans were up 35 1/4 to up 40, wheat was up 22 1/2 to up 27 3/4 and oats were up 2 3/4 to up 3 3/4.
Corn prices rose sharply with a five-day forecast expected to put more stress on Corn Belt crops. Wheat moved in sympathy with corn, as Russian wheat areas, also dry, are expecting beneficial rains later this week. Soybeans founds support from a report that noted U.S. exporters sold 35,000 metric tons of soybean oil to China in the 2011-2012 marketing year. The five-day forecast calls for hot and dry, but the 10-day forecast shows indications of cooler weather although with little rain.
The prices:
Corn: Jly 7.18 3/4 up 26 1/4, Sep 6.74 up 21 3/4, Dec 6.74 1/2 up 18 3/4, Mar 6.82 1/4 up 18 1/4.
Soybeans: Jly 15.72 1/4 up 40, Aug 15.29 1/2 up 35 1/4, Sep 14.98 up 35 1/2, Nov 14.74 3/4 up 36 3/4.
Wheat: Jly 7.82 1/4 up 27 3/4, Sep 7.99 1/4 up 26 3/4, Dec 8.13 3/4 up 23, Mar 8.26 1/2 up 22 1/2.
Oats: Jly 3.48 3/4 up 2 3/4, Sep 3.51 up 3 3/4, Dec 3.56 3/4 up 2 3/4, Mar 3.61 3/4 up 3 3/4.
