Commodities corner: The bull is back

The bull came roaring back to life in Chicago's grain pits last week after predicted rain for the Midwest largely failed to materialize. Corn futures soared to their highest levels since early May and soybean futures to the highest since late June. There has been persistent dryness since the beginning of summer in key crop areas of the US Grain Belt, principally central Illinois and other areas east of the Mississippi River. Analysts' production estimates have been dropping as fast as prices have been rising. Most agree that US farmers' chance of surpassing the record 10.1 billion bushels of corn harvested in 1994 have evaporated, along with most of Illinois' topsoil moisture. However, unexpected rains could send prices in the opposite direction.