Feds Lower Estimate On Corn Crop
The U.S. Department of Agriculture has slightly lowered its estimate of the size of this year's corn crop, reflecting late planting in Ohio and other states caused by a wet spring.
Farmers are now expected to harvest 13.95 billion bushels, 55 million fewer than predicted in June. That still beats the 2009 record by 858 million bushels. The supply is likely to shrink this summer because of last year's drought-affected harvest of 11 billion bushels and this year's delayed planting. Corn prices will likely remain high. The Department says food prices will likely not be affected.