USDA trims soybean, corn harvest estimates; FAO says global food prices spiked in October

USDA lowered its forecasts for the soybean and corn harvests based on the latest conditions, but the cuts weren’t enough to raise the department’s price estimates for this year’s crops. The FAO Food Price Index hit 127.4 points last month, 2% above September and 5.5% above the level a year ago.