The U.S. Department of Agriculture has again lowered its estimate of this year’s corn and soybean harvest, assessing the impact of the wet spring in many states that delayed planting and damaged some crops.
Early wet-weather worries have rapidly shifted to concerns about the return of drought in portions of the dry western corn belt.
Still, in its monthly crop update released Monday, the USDA says that this fall, U.S. farmers are on track to bring in the largest corn crop ever, and the third-largest soybean crop.
The department expects a harvest of 13.8 billion bushels of corn, up 28 percent from last year.
Soybean farmers are expected to bring in nearly 3.26 billion bushels, up 8 percent from last year.