US corn and soyabeans rose to record highs on Friday, extending the biggest gains in 2-1/2 years, as scorching temperatures amid a relentless drought baked crops in America's heartland, including top producers Iowa and Illinois. Expected crop shortfalls and surging prices, with corn and soyabean futures headed for their fifth straight week of gains, prompted the United Nations agriculture agency to talk of a "serious situation" though not yet a food crisis.
CBOT soyabeans for August delivery were up 20-3/4 cents at $17.54-1/2 per bushel, a gain of 1.2 percent, after earlier hitting a record peak of $17.77-3/4. New-crop November beans gained 27-3/4 cents to $16.80 after hitting a contract high earlier in the session. CBOT September corn was up a 1/2 cent at $8.08-1/4 per bushel after equalling the record top $8.16-3/4 initially set on Thursday.
New-crop December gained 11 cents to $7.81-1/2 and has risen more than 50 percent in a month. CBOT wheat was down 8-1/4 cents at $9.26-3/4, with the winter wheat crop already harvested and escaping the wrath of the worst drought in more than half a century.