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Prices for corn/soy immediately dropped to levels consistent with the average farm price projected in the August WASDE report ($3.65 for corn and $9.15 for soybeans). While lower corn production forecasts are possible in future reports, FarmDoc says a recovery in corn prices is likely dependent on improving domestic and world economic conditions that now appear unlikely. In contrast, some recovery in soybean prices is anticipated with lower U.S. production forecasts in future reports.

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