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Friday, July 13, 2012

Dry weather pushes corn prices higher


Corn prices are closing higher, pushed up by worries about hot, dry weather in the Midwest.

December contracts for corn are up about 1 percent to $7.4025 per bushel Friday. That's on top of a 4 percent increase Thursday and the highest price in nearly a year.

The hot weather is also hurting soybean crops. November soybeans are up about 1.5 percent to $15.525 per bushel.

Oil prices also rose. Traders worry that tension over the nuclear program in Iran, a major oil producer, could crimp supply.

Metals rose Silver, gold, copper and palladium are all up.

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