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U.S. government cuts corn, soybean harvest view

CHICAGO, Oct 12 (Reuters) - The U.S. corn and soybean harvests will be smaller than previously forecast, the government said on Wednesday, increasing concerns about tight supplies at a time when global grain inventories are trending near their lowest in a decade.

Corn production was pegged at 13.895 billion bushels, based on an average yield of 171.9 bushels per acre, the U.S. Agriculture Department said in its monthly Crop Production report. Soybean harvest was seen at 4.313 billion, with average yields of 49.8.

A month ago, USDA forecast corn production at 13.944 billion and soybean production at 4.378 billion. Yields were estimated at 172.5 and 50.5, respectively.

Analysts had been expecting the October report to show corn production of 13.885 billion and soybean production of 4.381 billion, with yields of 171.8 and 50.6. (Reporting by Mark Weinraub)

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