Weather woes continue to lift corn, soybean prices in US

Corn and soybeans grabbed double-digit gains on Thursday after forecasts for excessively hot conditions through the first part of August spurred another round of technical buying today. Corn prices were up around 2.5%, with soybeans tracking around 2.25% higher. Wheat also saw solid gains today amid concerns that Black Sea grain shipments won’t resume as quickly as previously anticipated. Ample rains will fall on parts of the lower Midwest and Mid-South between Friday and Monday, with most of these areas set to gather another 2” to 4” during this time, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook predicts below-average precipitation for the Corn Belt between August 4 and August 10, with much warmer-than-normal temperatures likely for the entire central U.S. On Wall St., the Dow climbed 352 points in afternoon trading to 32,549 on investor confidence that the Federal Reserve is taking adequate measures to tamp down inflation. ...