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USDA revises crop estimates dramatically lower
The U.S. Department of Agriculture (USDA) gave its assessment of the historic drought Friday, forecasting national corn production at 10.8 billion bushels, down 13% from 2011 and the lowest production since 2006.
The report is the USDA’s first official assessment of the impact of the drought that has hit the Corn Belt and is considered to be the worst since 1956.
The government report said corn...