date:Oct 12, 2012
less than investors had expected, reflecting a unexpectedly low figure for crop abandonment to the worst drought since 1956, the USDA eschewed further cuts for forecasts for domestic consumption of the grain.
On soybeans, the USDA upgraded by some 226m bushels to its forecast for the US harvest, saying that sowings had exceeded previous expectations, and with yields turning out better than had been feared too.
Market reaction
However, while the raise to the harvest estimate beat market forec