Corn production down 1 percent from October
According to the USDA's latest Crop Production report, corn production is forecast at 12.3 billion bushels, down 1 percent from the October forecast and down 1 percent from 2010. If realized, this will be the fourth largest production total on record for the United States. Based on conditions as of November 1, yields are expected to average 146.7 bushels per acre, down 1.4 bushels from the October forecast and down 6.1 bushels from 2010. If realized, this will be the lowest average yield since 2003. Area harvested for grain is forecast at 83.9 million acres, unchanged from the October forecast.