Corn production is forecast at 10.7 billion bushels, up slightly from the October forecast but down 13% 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 bu./acre, up 0.3 bu. from the October forecast but 24.9 bu. 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% from 2011.

Soybean production is forecast at 2.97 billion bushels, up 4% from October but down 4% from last year. Based on Nov. 1 conditions, yields are expected to average 39.3 bu./acre, up 1.5 bu. from last month but down 2.6 bu. from last year. Compared with last month, yield forecasts are higher or unchanged across all states except for Oklahoma and Texas. Area for harvest in the United States is forecast at 75.7 million acres, unchanged from October and up 3% from last year.