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To: Superhawk who wrote (50518)	3/18/2000 9:45:00 PM
From: William Harvey	Respond to of 116816

Friday March 17 5:45 PM ET Soybean, Corn Prices Soar Fears that top U.S. farm crops will be hurt by drought this year intensified Friday after new forecasts called for dry weather in the Midwest through spring, sending soybean and corn futures soaring on the Chicago Board of Trade. The latest drought fears emerged at the beginning of the week when the National Oceanic and Atmospheric Administration warned that the central United States faces a serious drought threat because of a critical lack of soil moisture, with no relief in sight. When the National Weather Service reported after markets closed Thursday that the outlook for the next 30 to 90 days is for above-average temperatures and below-average precipitation, that revived and accelerated the rally on Friday. ``The government is beating the drought drum louder and louder,' said Tim Hannagan, head grains analyst for Alaron Trading Corp. in Chicago. Despite the increase, Hannagan said there's plenty of room for prices to rise if a comparison with the last big drought year, 1988, is a reliable guideline. Mid-March prices that year were more than $1 higher than they are now for soybeans and 40 to 50 cents higher for corn, he noted.(cont) dailynews.yahoo.com