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Drought Cuts Wheat Crop; Corn, Soybeans Good

June 11, 2014, 12:45 PM

Drought Cuts Wheat Crop; Corn, Soybeans Good

The nation's wheat crop is smaller than earlier was predicted due to drought, but corn and soybean crop expectations have changed little in the latest report from the U.S. Department of Agriculture.

The monthly update released Wednesday shows farmers producing 2.38 billion bushels of winter wheat, down 2 percent from a month ago and 10 percent from last year. Hard red winter wheat, the type used to make bread, is down 3 percent from last month's estimate to 720 million bushels.

Farmers are expected to produce a record 13.9 billion bushels of corn and 3.6 billion bushels of soybeans, both unchanged.

A cool wet start to planting season improved as May progressed and the USDA says corn crop conditions are better than any time since 2007 in the Corn Belt.

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