Summary Box: Grain prices rise sharply as investors eye heavy rain in Brazil and Argentina
By APMonday, February 22, 2010
Summary Box: Grains rise on supply concerns
HOW DID GRAINS PERFORM: Grains rose sharply Monday, with wheat, corn and soybeans all climbing between 1.5 percent and 3 percent. Corn rose the most, climbing 11 cents, or 3 percent, to $3.8275 a bushel.
WHY WAS BEHIND THE RALLY: Investors bought up grain futures contracts following reports of heavy rain in Brazil and Argentina. The bad weather could damage the crop and cut into supply as the countries move toward harvesting season.
HOW DID OTHER COMMODITIES FARE: Energy prices mostly rose throughout the day, while metals retreated.
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