USDA cuts estimates for corn, soybean harvests (AP)

WASHINGTON - The Agriculture Department on Friday reduced its forecast for this year's corn and soybean harvests due to drier weather, potentially leading to higher commodity prices.

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U.S. corn production will be 12.1 billion bushels, down from its 12.3 billion estimate last month, the USDA said. The soybean crop is projected to be slightly lower, at 2.93 billion bushels, down from its earlier estimate of 2.97 billion. While the predicted corn crop will be 8 percent below last year's, it would still be the second largest on record. The soybean crop would be 13 percent higher than last year's and the fourth largest ever.

Full Story: USDA cuts estimates for corn, soybean harvests (AP)

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