US 2008 corn crop expected to be second-largest ever, despite weather; soybean crop up 9 percent over 2007

The USDA reduced its 2008 corn harvest projections to 12.02 billion bushels, down from 12.08 billion initially anticipated by the agency. However, the crop will still be the nation’s second-largest ever, while the national soybean crop is expected to reach the fourth-largest ever at 2.92 billion bushels, up 9 percent from 2007. The December corn contract is now priced at $3.83, down from a high of $7.85 earlier this year when fears of a weather-induced crop failure created a damaging spike in prices.

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