As scorching temperatures and little rain continue to plague the Midwest, the price of corn continues to soar to record levels, closing Friday at $8.245 a bushel, gaining 16.75 cents from the record close on Thursday.
Soybeans also continue their record price climb, with August soybeans jumping 23.75 cents to settle at $17.575 a bushel.
The growing reality that it's too late for much of the corn crop is starting to hit the markets, as even if corn fields in many areas were deluged with rain, it wouldn't do anything to boost the yields, as the time has past for that to happen, with the pollination period being the critical factor for corn yields.
According to the Department of Agriculture, dry conditions with triple-digit heat will continue to linger into next week, weakening the propositions for corn, and further threatening the soybean crop, which while pollinating later than corn, is facing a crucial test.
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