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3 Big Things Today, February 27

1. Wheat Rebounds From Low

After dropping to a 10-month low, wheat prices rebounded overnight as bargain buying began. 

"Wheat is receiving some bargain-buying support after its fall of around 10% since early February," said Michael Magdovitz, senior agriculture commodities analyst at Rabobank.

There’s little action in corn and soybeans as the market waits for more news on trade negotiations. "Soybeans and corn are drifting as the market awaits more details about the U.S./China trade talks,” adds Magdovitz.

March soybeans are steady at $9.04. March corn is up 1¢ to $3.67. Wheat is up across the boards, 5¢ on the CBOT, 4¢ in Minneapolis, and 6¢ in KC.


2. USDA Faces Spending Cuts

President Donald Trump will ask for “one of the largest spending reductions in history” in the fiscal 2020 budget, which will include large cuts to the USDA. The cuts are part of Trump’s plan to cut federal spending by 5%. 

However, Secretary of Ag Perdue said the cuts for the USDA would exceed the 5%. 

“There will be a conservative budget,” said Perdue. “We’ve done our best to advocate for farmers.”


3. No Break From the Cold

The highest temperatures in the foreseeable future for the Midwest will come Thursday. While the temperatures will still only be in the teens, this will be the most warmth the Midwest gets between below-average temperatures Wednesday and another round of cold air moving in for the weekend.

The cold temperatures from the Northern and Central Plains will continue working toward the Upper and Middle Mississippi Valley. On Thursday, the cold will creep south into the Ohio Valley, parts of the Lower Mississippi Valley, and the Southern Plains.

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