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A cornfield is shown Monday in Kandiyohi County. The 2013 harvest now is projected to be smaller than expected. With harvest a few weeks away, the U.S. Department of Agriculture on Monday forecast a corn crop of 13.763 billion bushels, a 28 percent increase from drought-hit 2012, but 2 percent smaller than traders expected. Tribune photo by Carolyn Lange

USDA’s cut to corn and soybean crops catches market off guard

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WASHINGTON — U.S. farmers will reap the biggest corn crop and the third-largest soybean crop ever this fall, government forecasters said on Monday, but the harvests will be smaller than traders expected because of lower yields and ending stocks are projected to be below traders’ estimates.

Chicago corn and soybean futures, which have been beaten down recently by an outlook for massive crops and climbing inventories, rose sharply on the report.

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