Allen Motew News
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Temperatures across the southern Great Plains will drop as low as 14 degrees Fahrenheit (minus- 10 Celsius) tonight, compounding the risk of damage to U.S. winter-wheat crops that endured freezing weather last night.
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Heavy snow and rain in the U.S. Midwest may cause damaging overflows along the Red River of the North, where record floods in 2009 delayed or reduced planting of crops and killed 91,000 cattle in North Dakota and Minnesota.
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Even a fifth consecutive year of record global corn harvests will fail to meet demand for food, fuel and livestock feed, reducing world stockpiles to the lowest in two generations.
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Soybeans were flat for the second consecutive session as a forecast for drier weather in the Midwest may boost the yield potential for crops in the U.S., the world’s largest grower and shipper.
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Temperatures will drop below freezing twice next week in the upper Great Plains, where soil temperatures in some areas are below normal at prime planting time, said Allen Motew , a meteorologist with QT Information Systems in Chicago.
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The cooling in the Pacific Ocean known as La Nina, which can influence Atlantic hurricanes and U.S. drought, is expected to keep fading and vanish by June, according to U.S. forecasters.
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Corn and wheat futures rose in Chicago on speculation that freezing weather will harm crops in the U.S., the biggest exporter of both grains.
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The following are the top stories on metals, agriculture and shipping.
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Corn futures rose to a 10-week high and soybeans gained on speculation that recent rains in the U.S. Midwest weren’t enough to ease dry conditions and abate damage to yields.
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Corn prices fell from a four-month high and soybeans declined on speculation that rains later this week will boost soil moisture and improve yield prospects in the U.S., the world’s biggest exporter of the crops.
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