AGRICULTURE

USDA Cuts Harvest Projections: The forecast, reflecting a harvest that is nearly over, puts the total at 7.37 billion bushels, down 2% from October’s 7.54 billion and lower than the 7.47 billion market analysts had predicted. The Agriculture Department added 20 cents to its projected price range for corn in the marketing year that ends next Aug. 31. The sharp increase reflects world competition for feed grains, the department said. The forecast for soybeans dropped to 2.18 billion bushels, less than 1% under the October forecast, and just slightly under market predictions. Higher feed prices put pressure on the livestock industry, with higher-cost producers starting to thin their herds. Dairy farmers were expected to lower milk production as a result, the USDA said.