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Prices climb as temperatures drop

Extreme low temperatures have brought concern of crop damage in United State's growing regions this week.

Extreme low temperatures have brought concern of crop damage in United State's growing regions this week.

Widespread winterkill is expected in central Missouri, southern Illinois, southwestern Indiana, southeastern Colorado, far north Oklahoma, and much of Kansas after record lows reached across the U.S. Tuesday.

According to FarmFutures.com, Senior Agricultural Meteorologist for Radiant Solutions Don Keeney estimated about 5% of the soft red wheat belt in the Midwest will see an impact from those temperatures.

Later this week, another cold push may result in even more damage to soft red wheat in the eastern Midwest.

The Ursa Farmers Co Op tells KHQA that soil temperatures in our area are not cold enough to damage the limited winter wheat production in the Tri-State area.

The snow cover on the ground and lack of moisture in the soil have kept soil temperatures in the mid to upper 20's.

Agriculture.com wrote Wednesday, some analysts and traders said it was too early to predict the extent of the damage.

However, these concerns have pushed Chicago wheat futures near a four-week high.

Wheat futures on the Chicago Board of Trade were up 0.5 percent Wednesday afternoon at $4.35-1/4 and reached a high Tuesday of $4.36-1/4 a bushel.

The most active CBOT soybean futures were up 0.5 percent at $9.69-1/4 a bushel.

Corn continued to track those gains by adding 0.3 percent to $3.54-1/4 a bushel.

Export volumes of wheat have been below trade estimates while corn and soybean volumes are in line with market expectations.


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