Corn production was lowered again in the USDA’s latest “World Agricultural Supply and Demand Estimates” report released Monday. The report also showed that the first survey-based corn yield forecast is also down 2.1 bushels from last month to 154.4 bushels per acre.

The projected prices are expected to raise slightly.

“The projected season-average farm price for corn is raised 10 cents at both ends of the range to $4.50 to $5.30 per bushel. Prices received by farmers are expected to remain above cash bid levels through the fall as producers who forward-priced corn earlier in the year support the weighted average farm-gate price,” the report said.

Corn beginning stock is also powered 10 million bushels lowers, with a 15-million-bushel increase in 2012-2013 exports partially offsets by a 5-million-bushel increase in imports. Exports are projected 25 million bushels lower on reduced domestic supplies and increased foreign competition.

Read the full report here.