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July 13, 1993|From Times Staff and Wire Reports

Corn, Soybean Crop Estimates Lowered: The Agriculture Department lowered its estimates for corn production this year by 650 million bushels because of heavy rain and flooding in the Midwest and dry heat in the Southeast. The department also said soybean production will reach 1.98 billion bushels, down 70 million bushels from last month's estimate of 2.05 billion, because of rain and flooding in the Midwest. The 1992 production was estimated at 2.2 billion. Corn prices are expected to rise 15 cents a bushel, to between $2 and $2.40; soybeans will range from $5.75 to $7 a bushel, compared to a $5.50 average for the last crop year.

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