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Corn & Soybeans Rise on Hot Weather; Gold Resistance Level

July 14, 2010 at 19:35 by Vladimir Vyun

Corn and soybeans price gained on speculation that dry weather may harm crops in the U.S., the largest grower and exporter in the word. As much as 20 percent of the Midwest crops threatened by heat wave over the next six weeks as temperatures may reach 38 degrees Celsius (100 degrees Fahrenheit). These speculations spurred buying, which is driven primarily not but demand itself, but rather by concern for lower supplies. December futures for corn delivery gained $0.07 (1.8 percent) to $3.94 per bushel as of 10:35 on CBoT. November futures for soybean delivery rose $0.0825 (0.9 percent) to $9.6275 a bushel

Gold slid in New York after prices rose to the highest level in three weeks. The precious metal encountered resistance at the $1,215 level. The analysts say that price below $1,200 is good opportunity to buy. August futures for gold delivery slipped $5.60 to $1,207.90 per ounce by 12:32 on COMEX.

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