Soybeans surged the most since October 2011 as hot, dry Midwest weather threatens to curb deteriorating yields in the U.S., the world’s biggest grower. Corn climbed to the highest in a month, and wheat rose.
Temperatures will average as much as 14 degrees Fahrenheit above normal during the next seven days, with little rain expected in the Midwest, T-Storm Weather LLC said in a note to clients today. Rainfall in July and August will be the least since 1936 in Iowa, Illinois and Indiana. Soybean yields will be 1.8 percent lower than the government forecast Aug. 12, Professional Farmers of America said Aug. 23, after a tour of more than 2,600 fields in seven states last week.
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