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News Summary: Corn skyrockets as heat bakes crops

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The Associated Press | June 25, 2012 04:21 PM EST | AP


CORN RISING: Corn prices skyrocketed as summer heat baked Midwestern crops. There's little to no rain in the forecast. The hot weather has hit during a critical pollination period for the crops. Analysts say the longer the fields go without rain, the more the crops may be damaged.

EUROPEAN HANGOVER: Other commodities were mostly higher after Spain formally requested help for its troubled banking system. Investors also looked ahead to a European summit later this week where leaders will discuss the debt crisis.

MIXED BAG: Gold, silver, industrial metals and natural gas rose. Oil prices fell.