Wheat, corn prices rise on forecasts for heat
Prices for wheat and corn are settling higher again as weekend forecasts call for more hot weather.
Wheat for July delivery rose 11.5 cents to settle at US$6.7325 a bushel Friday. That's a gain of 1.7 percent. Wheat is up 10.5 percent for the week.
Corn also rose. The actively traded December contract rose 4 cents to settle at $5.54 a bushel. Soybeans for November delivery rose 4.25 cents to $13.755 a bushel.
Hot weather has been wilting crops this summer, and more is expected to be on the way this weekend, said Spencer Patton, the founder and chief investment officer of Steel Vine Investments, a Chicago-based hedge fund.
In other trading, crude oil recovered from a sharp two-day drop to end the day up $1.56 at $79.76 per barrel.