SAN FRANCISCO (MarketWatch) -- Corn futures rallied Monday, extending their gains from Friday when the U.S. Department of Agriculture issued its annual crop production report. The USDA had said that U.S. corn growers produced 10.8 billion bushels of corn for the 2012 crop year amid historic drought conditions in much of the Midwest, down 13% from the 2011 crop. The soybean crop was also down 3% from last year's. March corn was up 14 cents, or 2%, at $7.23 a bushel on the Chicago Board of Trade and March soybeans traded at $14.18 a bushel, up 44 cents, or 3.2%. March wheat was also up 13 cents, or 1.7%, at $7.68 a bushel.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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