Corn, bean prices continue surge amid drought - KWWL - Eastern Iowa Breaking News, Weather, Closings

Corn, bean prices continue surge amid drought

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CHICAGO (KWWL) -

Prices for corn and soybeans keep climbing as hopes fade that rain can benefit parched crops across the nation's heartland.

Soybeans rose nearly 3 percent Wednesday and corn was up 1 percent.  Wheat also finished higher on growing concerns about global supplies.

Corn and soybean crops have worsened steadily as a devastating, record drought has taken hold.  Many analysts say no amount of rain can repair the damage to the corn crop, but it may still benefit soybeans.

Meanwhile, gold is above $1,600 an ounce for the first time in three weeks on speculation that some central banks, including the Federal Reserve, may take steps to promote economic growth.

In other trading, prices are higher for oil, silver and industrial metals. Wholesale gasoline and natural gas are lower.

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