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U.S. Agricultural Futures Rise

Chicago Board of Trade (CBOT) agricultural futures rose across the board on Friday, led by wheat.

The most active corn contract for December delivery rose 13.25 cents, or 2.65 percent, to settle at 5.1375 U.S. dollars per bushel. September wheat soared 21.75 cents, or 3.4 percent, to settle at 6.615 dollars per bushel. November soybean gained one cent, or 0.07 percent, to settle at 13.7075 dollars per bushel.

Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin agreed that the Black Sea grain corridor should stay open. However, the Russian government has not confirmed a deal yet. Chicago-based research company AgResource gives a 15 to 20 percent chance of a Black Sea grain corridor extension, cautioning against selling CBOT break.

Limited rainfall is forecast across the Northern Plains and the Northwest Midwest into July 25. Near normal rainfall is forecast for the Southwest, Central and Eastern Midwest. Temperatures will hold near to below normal with no extreme heat into July 21.