USDA lowers its cord and soybean forecasts
(AP) -- The government has lowered its forecast for this year's U.S. corn and soybean harvests.
The Agriculture Department says corn production is projected to be 12.02 billion bushels, down from last month's revised estimate of 12.03 billion. Analysts expected 12.08 billion bushels. Soybean production is forecast to be 2.92 billion bushels, down from last month's 2.94 billion and equal to analysts' estimates.
The department's November report also projects lower average prices this year for both commodities.
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