Corn Futures Hold Steady Despite USDA Flood Report

The U.S. Department of Agriculture yesterday reported that U.S. farmers would likely harvest 78.9 million acres of corn this year, down 8.7% from 2007, due partly to crop damage from recent flooding in the Midwest.

WASHINGTON — The U.S. Department of Agriculture yesterday reported that U.S. farmers would likely harvest 78.9 million acres of corn this year, down 8.7% from 2007, due partly to crop damage from recent flooding in the Midwest. However, the market for corn futures eased yesterday on the Chicago Board of Trade, indicating that traders expected much more damage, and had already priced those expectations into the market. According to the new report, farmers also appear to have exceeded th

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