On Friday the 12th, the U.S. Department of Agriculture reduced harvest estimates for this season’s corn and soybean crops in a report that threatens to boost commodity prices. This comes at an inopportune time, after this summer saw the price of corn skyrocketing to $8.00 per bushel as a result of Midwest flooding. On the lighter side, despite trailing last year’s crop, this season’s corn harvest is expected to reach 12.1 billion bushels; the second largest ever recorded. Soybeans should yield around 2.93 bushels; down from prior estimates, yet still the fourth largest crop on record.
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