Rains give mild relief to drought, grain prices tumble

Posted by Washington Post: Juliet Eilperin on July 24th, 2012
Reuters: Welcome rains provided some relief to heat-stressed cities and worried farmers in the U.S. Midwest on Tuesday, but reports of failed crops, wildfires and other fallout from the worst U.S. drought in more than 50 years tempered any optimism. The first soaking rains for weeks in parts of the northern Midwest sent U.S. corn and soybean prices sharply lower. But those prices still hover around record highs with weather forecasts for August indicating more heat is on the way. More rain is forecast......

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