Grain markets have had a tough time the past few weeks, with soybeans dropping nearly 80¢ recently after supposedly bullish news of the Chinese-U.S. trade phase one deal.
That has dragged corn and wheat prices lower, although they have not performed as badly as the soybean market.
For example, soybean prices since January 2 have dropped 73¢ on the March contract, to January 28, with corn down only 7¢ and CBOT wheat actually up 12¢ in that time frame. While soybean prices have tanked, wheat prices have actually run higher.
That is providing incentive for farmers this winter to remove soybeans from the planting mix even more, substituting instead spring wheat and corn.
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