October 11, 2018 / 4:10 PM / 5 days ago

USDA lowers U.S. corn and soybean harvest forecasts

CHICAGO, Oct 11 (Reuters) - The U.S. Agriculture Department unexpectedly trimmed its forecasts for domestic corn and soybean production on Thursday.

The corn crop was seen at 14.778 billion bushels, based on an average yield of 180.7 bushels per acre, the government said in its monthly supply and demand report. Soybean production was pegged at 4.690 billion bushels, with yields averaging 53.1 bushels per acre.

In September, USDA had forecast a corn crop of 14.827 billion bushels and a soybean crop of 4.693 billion bushels.

Chicago Board of Trade corn and soybean futures turned higher after the report was released. (Reporting by Mark Weinraub)

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