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Corn, Soybean and Wheat Prices Soar

Friday, 20 Jul 2012 | 2:10 AM ET

"We are in a phase now that are looking at an expansion of the drought, it is not just the Midwest it is also the eastern corn belt, we are really really worried because we a were coming into the season with low inventories anyway," Kona Haque, commodity research analyst at Macquarie Group, told CNBC.