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Corn Pulls Back from Five-Year High

Hot, dry spell adds to U.S. corn worries after spring deluge

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Chicago Board of Trade grain futures settled down on Monday after corn touched a five-year high and soybeans reached a one-year peak, as forecasts for rain in U.S. crop-growing areas eased concerns about hot, dry weather.

Reuters reports that a recent warm, dry spell had fueled worries that corn could be damaged during crucial pollination stages, after unprecedented delays in planting this spring.

But in the Corn Belt, rain associated with the remains of former Tropical Storm Barry is edging into southern parts of Illinois and Missouri, the U.S. Department of Agriculture said in a daily weather report.

Read the full report here.

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