Corn production drops 1 percent from September

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According to the USDA's latest Crop Production report, corn production is forecast at 12.4 billion bushels, down 1 percent 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 United States. Based on conditions as of October 1, yields are expected to average 148.1 bushels per acre, unchanged from the September forecast but down 4.7 bushels 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 percent from the September forecast. Acreage updates were made in several States based on administrative data.

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