U.S. Soybean Crop Seen Falling to Nine-Year Low on Drought
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U.S. soybean farmers will harvest the smallest crop in nine years after June and July were the hottest and driest since 1936, the government said. Prices rose the most in three weeks.
Production will drop to 2.634 billion bushels (71.69 million metric tons), down 14 percent from 3.056 billion in 2011 and the lowest since 2003, the U.S. Department of Agriculture said today. The average estimate of 34 analysts polled by Bloomberg News was 2.659 billion bushels. A month ago, the USDA predicted 2.692 billion.