Mark Welch News
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Wheat farmers in Kansas probably will harvest the crop early enough this season to boost planting of soybeans in the state, said Jamey Kohake, a trader at Paragon Investments in Silver Lake.
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U.S. farmers, the world’s biggest wheat exporters, probably planted the most winter grain in three years, expanding acreage from a century-low reached in 2009 just as a global supply glut swells to its biggest in a decade.
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Less than a year after the worst drought in a generation destroyed one-third of Russia’s wheat crop and sent global food prices surging, more bad weather is damaging fields from North America to Europe to Asia.
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A yearlong drought from Kansas to Texas has created the driest conditions on record for farmers preparing to plant winter wheat, dimming crop prospects for a second straight year in the U.S., the world’s largest exporter.
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Wheat rose for a third day in Chicago as worsening winter-crop conditions in the U.S., the largest exporter, and delayed spring-crop plantings fueled supply concerns amid strengthening demand.
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