Monday, June 18, 2012
The price of corn is surging as crops have begun drooping under a blanket of hot weather across parts of the Midwest.
Corn for July delivery rose 3.4 percent Monday to end at $5.995 per bushel.
The hot, dry weather is sending temperatures above normal in several Midwestern states. Traders question whether the conditions will lead to a smaller corn harvest than is expected.
Other commodity prices are mixed on persistent concerns about Europe's crisis after Spain's borrowing rates rose to levels that prompted other countries to seek bailout funding. That is raising questions about future demand for a wide range of commodities, including oil and industrial metals.
Prices for oil, gold and silver are lower. Natural gas, copper, palladium, wheat and soybeans are higher.