By The Associated Press Corn prices are surging as sizzling heat is stressing crops in four of the nation’s top five producing states.
Corn jumped 4.4 percent Tuesday to settle at $7.1575 a bushel.
wheat and Soybean prices also rose.
The U.S. Agriculture Department says about 62 percent of the corn crop was in good to excellent condition last week. That compares with 71 percent a year ago.
Conditions were worse in Iowa, Illinois, Indiana and Nebraska due to hot, dry weather. Minnesota’s corn crop improved.
Gold settled above $1,644 for the first time, while other commodities are mostly lower as investors worry about Europe’s debt problems and a slowdown in the global economy.