Corn production is forecast at 12.3 billion bushels, down 1% from the October forecast and down 1% from 2010. If realized, this will be the fourth largest production total on record for the U.S. Based on conditions as of Nov. 1, yields are expected to average 146.7 bu./acre, down 1.4 bu. from the October forecast and down 6.1 bu. from 2010. If realized, this will be the lowest average yield since 2003. Area harvested for grain is forecast at 83.9 million acres, unchanged from the October forecast.

Soybean production is forecast at 3.05 billion bushels, down slightly from the October forecast and down 9% from last year. Based on Nov. 1 conditions, yields are expected to average 41.3 bu./acre, down 0.2 bu. from last month and down 2.2 bu. from last year. If realized, the average yield will be the second lowest since 2003. Area for harvest is forecast at 73.7 million acres, unchanged from October but down 4% from 2010.