Corn harvest won't be as large as estimated, but soybeans could set a record

The U.S. Department of Agriculture says farmers will bring in less corn than projected earlier this year, but that the soybean harvest could set a record.

Friday's weekly update on the nation's major crops says fewer acres of corn will be harvested than earlier expected. The crop estimate was lowered by 75 million bushels to 13.86 billion bushels.

That is 65 million bushels below last year's record.

The USDA notes that corn appears to be in good condition, but that much of the success for this year's harvest depends on the weather as corn enters its critical pollination phase in mid-July.

Soybean production has been boosted to a record 3.8 billion bushels, up 165 million bushels from last month.

The USDA anticipates farmers will harvest 84.1 million acres.