Corn for grain production is estimated at 10.8 billion bushels, up 1% from the Nov. 1 forecast but 13% below 2011. The average yield in the United States is estimated at 123.4 bu./acre. This is up 1.1 bu. from the November forecast but 23.8 bu. below the 2011 average yield of 147.2. Area harvested for grain is estimated at 87.4 million acres, down slightly from the November forecast but up 4% from 2011.

Soybean production in 2012 totaled 3.01 billion bushels, up 1% from the Nov. 1 forecast but down 3% from 2011. United States production is the seventh largest on record. The average yield per acre is estimated at 39.6 bu., 0.3 bu. above the Nov. 1 forecast but 2.3 bu. below last year's yield. Harvested area is up 3% from 2011 to 76.1 million acres and is the third highest on record.