date:Jul 03, 2012
Heat and dryness for developing corn crops in the eastern and southern Midwest are fueling the new crop December futures' recent increase, rising 30% in the last two weeks.
CBOT July corn climbed 20 cents, or 3%, to $6.92 1/2 a bushel, and December corn ended up 21 cents, or 3.3%, to $6.55 3/4.
Traders are factoring in the risk of yield losses, as the hot, dry weather forecasts for the Midwest are seen as a detriment to corn yield potential.
The hot, dry weather couldn't come at a worse time for