The U.S. Department of Agriculture’s July Supply & Demand report further diminished fears of Midwest flood damage to this year’s corn crop. While corn yields have been lowered from 148.9 bushels per acre to 148.4, private analysts had anticipated much lower yields in the 144 to 147 bushels-per-acre range. The new 2008-09 corn production forecast for 11.715 billion bushels is an almost negligible reduction from last month’s preflood forecast of 11.735 billion. That’s still down from 13.1 ...

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