Corn prices raced to a record high Monday as the hot, dry summer relentlessly pounded crops across much of the country.
Corn for September delivery gained 21.5 cents, or 2.7 percent, to end at $8.20 per bushel, which was an all-time high. December corn rose 20.75 cents, or 2.6 percent, to end at $8.14 per bushel. Soybeans rose 2.6 percent.
Expectations are mounting that harvests will be smaller than anticipated for both crops because of the drought, which covers some two-thirds of the continental U.S. There is little rain in forecasts for August.
Corn fields, particularly east of the Mississippi River, have been hit the hardest. Some farmers are harvesting what they can salvage to sell for livestock feed. Others may forgo harvest and leave the fields alone, analysts say.