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USDA sees smaller corn crop: The Agriculture Department lowered its projection for the corn crop and winter wheat harvest because of weather problems. Prices for both crops were expected to rise as a result. Because rains and flooding in the Midwest have delayed plantings and surely would depress yields, the department projected a corn crop of 7.9 billion bushels, down 8 percent from the initial May projection of 8.6 billion. The lowered corn projection will mean an increase in soybeans, which can be planted later as a last-minute replacement for corn.
