The USDA reduced its 2008 corn harvest projections to 12.02 billion bushels, down from 12.08 billion initially anticipated by the agency. However, the crop will still be the nation’s second-largest ever, while the national soybean crop is expected to reach the fourth-largest ever at 2.92 billion bushels, up 9 percent from 2007. The December corn contract is now priced at $3.83, down from a high of $7.85 earlier this year when fears of a weather-induced crop failure created a damaging spike in prices.
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