"Wheat prices rose Wednesday as the hot, dry summer continued to take its toll on crops in the U.S. and Russia."

"Wheat for delivery in September gained 42.5 cents to settle at $7.5125 per bushel, the highest closing price since last September. Corn also rose.

Global supplies of wheat remain plentiful, but traders are concerned that the heat wave may cause crops to deteriorate in the Midwest and parts of Russia and Kazakhstan.

The sizzling summer also has pushed up prices for corn. Crops in the Midwest could be damaged by the heat and lack of rainfall because they are pollinating."

Sandy Shore reports for the Associated Press June 27, 2012. [2]