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The USDA reported: "Persistent and extreme June dryness across the central and eastern corn belt and extreme late June and early July heat from the central Plains to the Ohio River Valley have substantially lowered yield prospects across most of the major growing regions."
Exports projections were slashed by 300 million bushels to 1.6 billion bushels.
This is the third year in a row that the U.S. has experienced declining yields.
Wheat, soybeans, and ethanol production were also cut.
Corn prices jumped 41% in June and early July; wheat (WEAT) by 33%; soybeans (SOYB) by 26%.
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