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The farm economy is at a crossroads. High costs and negative margins are driving record government payments, but economists say innovation, lower costs and new demand are key to restoring profitability.
An overall friendly reports for crops amid shrinking world balance sheets.
USDA pegged new crop corn ending stocks at 1.790 billion bu., well below the average pre-report estimate of 1.873 billion bu. World ending stocks for corn, soybeans and wheat also landed below expectations.
Wheat continues to lead strength with corn and soybeans following to the upside.