Beans, grains climb with little relief from heat

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Associated Press

Posted on July 16, 2012 at 4:02 PM

Updated Monday, Jul 16 at 4:03 PM

Prices for wheat, corn and soybeans are racing higher with little relief in sight from blistering heat across the nation's crop growing regions.

Wheat and corn jumped more than 4 percent Monday. Soybeans rose 2.4 percent.

Corn and soybean crops are deteriorating in the heat, and there is little substantial rain forecast over the next couple of weeks. Wheat crops have been hurt by unfavorable weather in the U.S. and Russia.

Traders are buying contracts anticipating that supplies will tighten heading into next year.

Other commodities are mixed after consumer spending fell in June. That's leading to speculation that the Federal Reserve may take additional steps to promote growth.

Prices are higher for oil, and gasoline. Gold, industrial metals and natural gas are lower.

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