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News Summary: Grains, beans higher on heat wave

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News Summary: Grains, beans higher on heat wave
Submitted by Fox First at Ten on July 16th

By The Associated Press

HEATED UP: Prices for wheat, corn and soybeans raced higher. There is little relief in sight from hot, dry weather damaging corn and bean crops. Wheat has been hurt by adverse weather in the U.S. and Russia. That's driving up prices because of the expectation that supplies will shrink.

FED, OR NO FED?: Retail sales fell across a range of businesses in June, the third straight month of declines. Traders are speculating that could prompt the Federal Reserve to take action to promote growth.

WINNERS, LOSERS: Prices for gold, silver and industrial metals fell. Oil and most energy products rose.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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