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Corn Prices Fall as Heavy Rain follows High Heat

Corn prices fell Monday after storms delivered rain to crops that had been baking in a heat wave across much of the Midwest.

Corn for December delivery fell 11 cents to settle at $6.745 a bushel. Other commodities were mixed as congressional leaders continued to debate ways to raise the U.S. debt limit, and cut spending.

Rain fell last weekend across much of the Midwest, including Illinois, Indiana and Ohio where crops have been affected by hot, dry weather. The precipitation was enough to stabilize the crop, but Northstar Commodity Research analyst Jason Ward says growers are "going to need more rain."

Corn stockpiles are at historically low levels so a bountiful crop this year is considered particularly important to ease shortages. That has kept corn prices trading about 73 percent higher than a year ago.

Stories from the Associated Press.