In its monthly Crop Production report, the USDA said that corn production is forecast at 10.7 billion bushels, down less than 1 percent from the August forecast and down 13 percent from 2011. This represents the lowest production in the United States since 2006. Based on conditions as of September 1, yields are expected to average 122.8 bushels per acre, down 0.6 bushel from the August forecast and 24.4 bushels below the 2011 average.

If realized, this will be the lowest average yield since 1995. Area harvested for grain is forecast at 87.4 million acres, unchanged from the August forecast but up 4 percent from 2011.

The corn World Agricultural Supply and Demand Estimates (WASDE) report can be read here.