According to the USDA's latest Crop Production report, corn production is forecast at 10.7 billion bushels, up slightly from the October forecast but down 13 percent from 2011. This represents the lowest production in the United States since 2006.

Based on conditions as of Nov. 1, yields are expected to average 122.3 bushels per acre, up 0.3 bushel from the October forecast but 24.9 bushels below the 2011 average. If realized, this will be the lowest average yield since 1995.

Area harvested for grain is forecast at 87.7 million acres, unchanged from the October forecast and up 4 percent from 2011.