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Heat Spurs Corn & Soybean, Oil Rises on Hopes for Greece

June 22, 2011 at 2:00 by Vladimir Vyun

Corn and soybeans gained on the speculation that hot weather in the US may hurt crops. Temperatures in the southern Great Plains are 12 degrees Fahrenheit above normal. Heat can cause stress for crops that received too much rain last month. December contract for delivery of corn gained $0.1975 (3 percent) to $6.8025 per bushel by 13:15 on CBoT.

Crude oil rose for the second day on hopes that Greece’s Prime Minister George Papandreou will win a confidence vote today. The Prime Minister intends to continue budget cuts, but to implement austerity measures he need support from the parliament. The US crude oil inventories fell by 100,000 barrel, according to the estimates of analysts before the government report today. July futures for crude oil delivery traded at $93.40 per barrel on NYMEX.

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