What will late-winter weather mean for the U.S. winter wheat and South American corn and soybean crops? Hot, dry conditions are forecast to continue across central and southern Argentina most of next week, though there are chances for some precip Feb. 9-16 (see next story). The wetter midmonth Argentine forecast and mostly favorable weather in Brazil resulted in mild weekly declines for soybeans, but corn managed modest gains for the week.
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In the Southern Plains, intensifying drought and declining crop condition ratings supported wheat this week, but it’s difficult to sustain weather-related gains in the wheat market during winter.
Cattle prices worked higher as traders aligned futures with the cash market. February hogs rallied to new highs, while traders removed premium from deferred contracts.