Hot weather causes corn prices to increase

(WTVM) - Corn prices are popping!

They jumped up four percent today after the agriculture department reported production would fall 12 percent this month.

Corn prices had already gone up more than 40 percent in recent weeks because the drought and dry heat damaged crops in the Midwest.

Prices are nearing the record high that was hit last June, and there is no indication they will get better any time soon.

Analysts don't expect to see much relief in prices unless the weather improves.

Copyright 2012 WTVM. All rights reserved.