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Originally published Friday, June 22, 2012 at 1:01 PM

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Wheat, corn prices rise on forecasts for heat

Prices for wheat and corn settled higher Friday as weekend forecasts call for more hot weather.

The Associated Press

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Prices for wheat and corn settled higher Friday as weekend forecasts call for more hot weather.

Wheat for July delivery rose 11.5 cents to settle at $6.7325 a bushel. That's a gain of 1.7 percent. Wheat is up 10.5 percent for the week.

Corn also rose. The actively traded December contract rose 4 cents to settle at $5.54 a bushel. Soybeans for November delivery rose 4.25 cents to $13.755 a bushel.

Hot weather has been wilting crops this summer, and more is expected to be on the way this weekend, said Spencer Patton, the founder and chief investment officer of Steel Vine Investments, a Chicago-based hedge fund.

"Everything is dependent on precipitation for corn," Patton said, "and what we're seeing is more heat than precipitation."

In energy trading, crude oil recovered from a sharp two-day drop to end the day up $1.56 at $79.76 per barrel. Oil prices rose after European leaders said they would push for a $163 billion stimulus package.

Heating oil rose less than a penny to end at $2.5337 per gallon, while wholesale gasoline rose 1.98 cents to finish at $2.5699 per gallon. Natural gas futures rose 4.3 cents to $2.6250 per 1,000 cubic feet.

Metals prices were mixed. Gold for August delivery fell $1.40 to $1,566.90 per ounce. July silver lost 17.8 cents to $26.661 an ounce.

July copper rose 0.8 cent to $3.3060 per pound. September palladium fell $1.35 to $607.20 per ounce. July platinum fell $7.40 to $1,431.20 per ounce.

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