News Summary: Corn, beans fall on Midwest rains

AP News
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Posted: Jul 24, 2012 3:36 PM
News Summary: Corn, beans fall on Midwest rains

BLAME THE RAIN: Corn and soybean prices fell as rain headed into parts of the parched Midwest. Both crops deteriorated after blistering heat settled in last month. Analysts believe the rain may be too late to help much of the corn crop but it may benefit soybeans. That prompted traders to sell some contracts for a profit.

SPANISH BLUES: Other commodities were mixed as worries about Spain's financial troubles worsened. Spain's borrowing rates have surged to the highest since the inception of the euro.

NATURAL HIGH: Natural gas ended at $3.187 per 1,000 cubic feet, its highest level since December.