A government report shows a more pessimistic forecast for this year's U.S. Corn Crop. The report says that unusually hot weather damaged plants across the Midwest this summer, and as a result, this year's crop is now expected to be more than 4% leaner than originally hoped.
Nearly a half billion fewer bushels are expected to be harvested this fall compared to the earlier July forecast from the USDA. Still, it's expected that this year's crop will still surpass last year's by a rather healthy margin.
Corn prices in Chicago were unchanged on the heels of this news, but still remain dramatically higher than a year ago.