The U.S. Department of Agriculture has lowered its estimate of this year's corn crop to the lowest in four years, saying wet weather has delayed planting and reduced acres planted and the expected per-acre yield.
The expected production was cut in a monthly report released Tuesday by 1.4 billion bushels to 13.7 billion bushels, the lowest since 2015.
While weather problems also have slowed soybean planting, the USDA didn't change estimates since farmers have several more weeks to plant.
The USDA will release a report June 28 to provide updated farmer surveys more accurately reflecting the number of acres farmers planted.
The USDA report also says disputes with China and other nations have reduced corn exports for the current-year crop by 100 million bushels and soybean exports by 75 million bushels.