NEW YORK (AP) -- Corn and wheat prices dipped on Tuesday after the U.S. Department of Agriculture lifted its production estimates for those grains.Soybean prices, however, edged higher. The USDA reported that this year's soybean crop would be slightly smaller than it previously predicted.
The figures were largely in line with agriculture analysts' expectations, but surprisingly positive given the storms that devastated Midwest farmland earlier this year, said Elaine Kub of commodities research firm DTN in Omaha, Neb.
"In ideal years, farmers will harvest 90 percent and lose 10 percent to the usual factors. And nonetheless, the USDA says they will harvest more than 91 percent. So that's perplexing," she said. Kub said the predictions could have a "wide margin of error."
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