Corn production is forecast at 10.8 billion bushels, down 13% from 2011 and the lowest production since 2006. Based on conditions as of Aug. 1, yields are expected to average 123.4 bu./acre, down 23.8 bu. from 2011. If realized, this will be the lowest average yield since 1995. Area harvested for grain is forecast at 87.4 million acres, down 2% from the June forecast but up 4% from 2011. Soybean production is forecast at 2.69 billion bushels, down 12% from last year. Based on Aug. 1 conditions, yields are expected to average 36.1 bu./acre, down 5.4 bu. from last year. If realized, the average yield will be the lowest since 2003. Area for harvest is forecast at 74.6 million acres, down 1% from June but up 1% from 2011.