Corn Prices Steady, Soybean Prices Rise

WASHINGTON (AP) -- The high prices farmers are getting for their corn remain steady, and soybean prices have risen, the Agriculture Department said Friday.

There was little change from January in the monthly crop report. Vigorous demand for corn-based ethanol fuel will consume one-quarter of the nation's corn crop, and about the same share will be sold to foreign buyers, the department said.

Average corn prices remain at record levels of $3 to $3.40 a bushel, analysts said.

The forecast for soybean prices rose to $5.90 to $6.50 a bushel, the second-highest level in a decade. Last month's forecast was $5.75 to $6.45.

Wheat prices are now forecast at $4.20 to $4.30 a bushel, up 5 cents on the low end but down 15 cents on the high end from last month.

The report offered no assessment of damage to citrus and other fruits and vegetables from the cold in January. Surveys of growers are under way, and new forecasts will be released next month for crops in California, Arizona and Texas, the department said.

The cold snap, with temperatures at or below 28 degrees for more than a week in California's San Joaquin Valley, was among the worst in a quarter-century, hurting citrus as well as artichokes, avocados, broccoli, strawberries and many other vegetables.