Although the remnants of Hurricane Ike may help, a dry summer in much of the Midwest (remember those June floods in Iowa!), will cut corn and soybean production from earlier projections.
The USDA has upped its price estimates — it projected the season-average price for corn will be between $5.00 and $6.00 per bushel, up 10 cents from last month, while soybeans will be between $11.60 and $13.10 per bushel, also 10 cents higher.
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