The USDA World Agriculture Supply and Demand Estimate Report for July 9 projects a reduction in the corn crop, a proportional escalation in price from the May estimate and an average farm price at $3.45 to $4.05/bushel.
The USDA WASDE projection for the 2010-2011 soybean crop is shown in the table below. Acreage to be harvested and yield are based on July projections taking into account weather and acreage planted, and the estimated average farm price falls at $9.10 to $9.60/bushel.
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