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