DES MOINES, Iowa (AP) – The U.S. Department of Agriculture has slightly lowered its estimate of the corn crop, reflecting late planting in the Corn Belt caused by a wet spring.
Farmers are now expected to harvest 13.95 billion bushels. That’s 55 million fewer bushels than predicted, but would still beat the 2009 record. The supply of corn is likely to shrink this summer because of last year’s small, drought-affected harvest and this year’s delayed planting, so prices will likely remain high. Food prices aren’t likely to be affected much by the change.