Source: American Farm Bureau Federation and National Corn Growers Association

A big drop in both the corn yield and production estimates in October's crop report caught the industry by surprise, according to John Anderson, an economist with the American Farm Bureau Federation. The report was released Friday by the Agriculture Department.

"Folks were expecting to see a drop in average yields from last month's report becauseof poor late-season weather conditions across much of the Corn Belt, but nobody was forecasting this big of a drop in the corn crop," Anderson said.

USDA forecasts corn production at 12.664 billion bushels, down 3.8 percent from the 13.16 billion production forecast last month and lower than last year's record 13.11 billion bushel crop.

U.S. corn farmers will be able to meet all demands for food, feed, fuel and exports, the National Corn Growers Association said in response to the U.S. Department of Agriculture's reduced projection for 2010 corn production, announced last week. The harvest of 12.7 billion bushels, the third-largest crop in history, will still provide a surplus, or ending stocks, of nearly 1 billion bushels.

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