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U.S. Corn-Crop Estimate Cut as Midwest Drought Hurts Yields

Corn production in the U.S., the world’s largest grower and exporter, will drop 13 percent to a six-year low after the hottest July since 1936 damaged Midwest fields, the government said.

The harvest will total 10.779 billion bushels (273.8 million metric tons), compared with 12.358 billion in 2011, the U.S. Department of Agriculture said today in its first survey-based estimate for the crop. Last month, the USDA said production would fall to 12.97 billion. The average prediction of 29 analysts questioned by Bloomberg was for 10.929 billion.