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US agriculture markets went wild today

An aerial view shows a French farmer in his tractor making bales of straw after wheat harvest in his field.
Reuters/Pascal Rossignol
A wheat farmer whose life did not get any easier today.
By Melvin Backman
Published Last updated This article is more than 2 years old.

Commodities traders are understandably a little jittery, considering China has thrown a giant wrench into their calculations around the world’s biggest market for raw materials. So, when the US Department of Agriculture dropped its latest crop report (pdf), they went to town. Cotton projections came in way short of expectations, which drove up prices, while the opposite happened for soybeans, corn, and wheat, sending those prices down. All that excitement means you get a chart that looks like this. Happy hump day.

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