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USDA Reduces Production Forecast


Published: Sunday, November 9, 2008 11:47 PM CST
The U.S. Department of Agriculture reduced its production forecasts for corn and soybeans after correcting acreage estimates for the nation's two biggest crops. Corn production will total 12.033 billion bushels, down 1.4 percent from the department's Oct. 10 estimate, while the soybean crop will be 2.938 billion bushels, a 1.5 percent drop, the USDA said. In the revised report, the USDA estimated harvested corn acreage at 78.177 million acres, down 1.3 percent from the previous forecast, and soybean acreage at 74.374 million, down 1.5 percent. The USDA made the changes after finding discrepancies last week between the raw data it receives from farmers and satellite imagery and information in a separate database used to report estimates, according to Carol House, chairperson of the agricultural statistics board of the National Agricultural Statistics Service.




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