Corn and grain futures surge as South American weather declines
In Illinois, corn and grain futures at the Chicago Mercantile Exchange reached multi-week highs as poor weather in Argentina and Brazil is expected to create crop shortages in South American countries. This hope for a boost in the overseas demand drove the corn futures to 6.4712 a bushel, a 4.17% increase since last week and drove wheat futures to 6.5312, a 4.8% increase since last week.
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