U.S. corn production is forecast at 12.4 billion bushels, down 1% from the September forecast and down slightly from the 2010 production estimate. If realized, this will be the fourth-largest production total on record for the U.S. Based on conditions as of Oct. 1, yields are expected to average 148.1 bu./acre, unchanged from the September forecast but down 4.7 bu. from 2010. If realized, this will be the lowest average yield since 2005. Area harvested for grain is forecast at 83.9 million acres, down 1% from the September forecast. Acreage updates were made in several states based on administrative data.

Soybean production is forecast at 3.06 billion bushels, down 1% from September and down 8% from last year. Based on Oct. 1 conditions, yields are expected to average 41.5 bu./acre, down 0.3 bu. from last month and down 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, down slightly from September and down 4% from 2010.