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July 30, 2012 / 4:22 PM

Drought again pushes grain prices

CHICAGO, July 30 (UPI) -- U.S. corn futures hit record highs on the Chicago Board of Trade Monday, as a prolonged drought dominated grain pricing.

Corn was up 16 1/4 to up 21 1/2, soybeans were up 39 1/2 to up 41 3/4, wheat was up 7 to up 16 1/2 and oats were 7 1/4 to up 8 1/4.

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Corn prices jumped as forecasts returned to prediction of hot weather after last week's brief rains. Wheat futures rose with trading light and dry weather expected for the Black Sea and Australia. The soybean market moved higher with rainfall expected in some growing areas, but accumulation expected to be light.

The prices:

Corn: Sep 8.20 up 21 1/2, Dec 8.14 up 20 3/4, Mar 8.06 1/2 up 19, May 7.97 1/4 up 16 1/4.

Soybeans: Aug 17.25 3/4 up 41 1/2, Sep 16.67 1/4 up 39 1/2, Nov 16.43 1/2 up 41 3/4, Jan 16.32 1/2 up 41 1/4.

Wheat: Sep 9.14 1/2 up 16 1/2, Dec 9.27 1/4 up 16, Mar 9.26 1/2 up 13 1/2, May 9.02 3/4 up 7.

Oats: Sep 3.784 1/4 up 7 1/4, Dec 3.87 3/4 up 8, Mar 3.92 3/4 up 8 1/4, May 3.94 1/2 up 7 1/2.

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