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Winter Storm and Trade Progress Drive Grain Futures Higher

DES MOINES, Iowa — A mild fall proved too short as snow and a hard freeze crushed late-planted crops in the Northern Plains and Upper Midwest Friday, fueling a strong rally in CME corn futures along with soybean and wheat prices.

Traders estimated the early taste of winter will cut the nation’s soybean harvest by 30 to 40 million bushels and trim the expected corn crop by 100 million bushels to 200 million bushels, said Don Roose of U.S. Commodities in West Des Moines, Iowa.

Some areas had escaped a freeze by about two weeks past the average date, Roose said, but some…

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