As everything else falls, crop prices jump

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Associated Press

Posted on June 20, 2012 at 2:00 PM

Updated Wednesday, Jun 20 at 4:00 PM

Prices for wheat, corn and soybeans are closing higher as investors worry that a hot, dry summer could hurt crop yields.

The price of wheat is up the most, 2 percent. Parts of the Midwest received rain Wednesday, but it wasn't enough to negate weather-related worries.

Agriculture was the exception on a day when prices for most stocks, metals and energy fell. Investors are worried that the U.S. economy is still sluggish, and were disappointed that the Federal Reserve didn't announce more aggressive action to try to turn it around.

Oil is falling sharply. Benchmark U.S. crude is down to its lowest level since October. Brent crude, which is used to price oil imported into the U.S., is down to its lowest level since December 2010.

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