Hot forecasts pushes corn futures higher

Corn futures hit limit-up levels earlier this morning before pit trading resumed.

John Hawkins

Published: Jun 25, 2012

Corn futures are trading higher Monday morning, boosted by forecasts for more hot and dry weather in the Midwest.

Forecasters predict hot temperatures and low chances of rain across the corn belt this week. Temperatures could reach 100 degrees later this week in areas including parts of Missouri and Illinois, according to the National Weather Service.

For this weekend and next week, the National Weather Service also forecasts above-average temperatures and below-average chances of rain across most of the Midwest. The Dakotas and Minnesota have above-average chances of rain for part of that period, and those regions have had sufficient rain in recent weeks, but a shift toward drier weather could still threaten crops there.

Farther south, key growing areas like southern Illinois and Indiana have faced worsening dry conditions for weeks.

Late last week, the NWS updated its seasonal drought outlook and the forecast is for drought conditions to intensify and expand across virtually all of the Midwest.

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