Hot weather hurting U.S. corn crops, sends futures soaring  Corn futures have surged over the past few years as burgeoning global demand, coupled with diminishing stockpiles, led to higher prices. On Tuesday, corn prices jumped as U.S. crop forecasts were lowered following reports of hot weather. 

According to a report from Bloomberg, corn futures hit their highest levels in two weeks after the government released a report that showed inclement weather events were hurting domestic crops. Corn is the biggest U.S. crop by value, followed by soybeans, according to government data.

Crop ratings for corn fell in Iowa last week, according to the U.S. Department of Agriculture. Corn crop ratings also declined in Illinois, Nebraska, Indiana and Missouri, according to government data. Iowa is the biggest producer of corn in the U.S. 

"The corn crop has been damaged by the heat last month, and rains will not improve yield potential in August, like they can for soybeans," Northstar Commodity Investment Co. chief analyst Mark Schultz told the news provider.

On the Chicago Board of Trade on Tuesday at 3 p.m., corn futures for December delivery soared 4.3 percent to trade at $7.15 per bushel. Corn futures have not hit such high levels in nearly two months. 
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