Harvest projections for both corn and soybeans were downgraded by the U.S. Department of Agriculture on Sept. 12. Corn and soybean have retreated almost 30 percent from their summer highs. U.S. farmers will produce one percent fewer bushels of corn over 2007; and yield is projected at 2.8 percent higher than last season.
The soybean harvest will be down 5 percent from the 2005 record. Yield was reduced 9.3 percent from 2007.