Lower Corn and Soy Product Due To Severe Weather
The Minneapolis Federal Reserve confirms lower corn and soybean production this year.
The bank covers 6 states in the Midwest and expects to see soybean production decline by 26 percent, compared to the national drop of 20 percent.
Corn fairs slightly better with a projected 10 percent drop from last year compared to 4 percent nationally. The bank says producers have suffered under severe weather that caused record planting delays and that soybeans have taken an additional hit from the ongoing trade dispute with China.
The USDA will have another look at national crop production in its October report being released tomorrow at noon eastern.