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The U.S. government slashed its outlook for domestic corn production by 2.7% and its soybean harvest view by 1.5% on Thursday as dry soils in key western growing areas cut into the potential for a bumper harvest. ....
The U.S. corn and soybean yield forecasts that the government issues each August have been notorious for landing outside of trade expectations, and Thursday's shockingly low corn number kept that trend alive. ....
Nearby delivery month oil futures on the New York Mercantile Exchange and Brent crude on the Intercontinental Exchange accelerated losses in afternoon trade Friday. ....