News Summary: Energy, agriculture prices go up

AP News
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Posted: Aug 15, 2012 5:20 PM
News Summary: Energy, agriculture prices go up

WAITING FOR A RAINY DAY: Prices for corn, soybeans and wheat all rose. They had fallen earlier this week, as rain in parts of the country gave investors hope that more of the crop can be salvaged from drought.

TOO LITTLE, TOO LATE?: Because corn is planted early in the year, and was in a critical growing stage during the hot, dry weather, some analysts worry that no amount of rain can save this year's crop. Soybeans, which are planted later in the year, may be better able to recover.

BURSTING ENERGY: Oil prices rose in New York and London after the government reported an unexpectedly large drop in U.S. crude oil inventories. That makes traders worried that there won't be enough supply.