According to the USDA's Annual Crop Production report, corn for grain production is estimated at 10.8 billion bushels, up 1 percent from the November 1 forecast but 13 percent below 2011. The average yield in the United States is estimated at 123.4 bushels per acre. This is up 1.1 bushels from the November forecast but 23.8 bushels below the 2011 average yield of 147.2. Area harvested for grain is estimated at 87.4 million acres, down slightly from the November forecast but up 4 percent from 2011.
Soybean production in 2012 totaled 3.01 billion bushels, up 1 percent from the November 1 forecast but down 3 percent from 2011. United States production is the seventh largest on record. The average yield per acre is estimated at 39.6 bushels, 0.3 bushel above the November 1 forecast but 2.3 bushels below last year’s yield. Harvested area is up 3 percent from 2011 to 76.1 million acres and is the third highest on record.