The USDA’s latest Crop Production report, released Friday morning, projects a corn harvest of 12.7 billion bushels, down 4 percent from the September forecast and down 3 percent from last year's record production of 13.1 billion bushels.
The projection has been progressively smaller though the last few reports, sparking a rally in corn prices as traders expect strong demand for exports and ethanol production.
Based on conditions as of October 1, yields are expected to average 155.8 bushels per acre, down 6.7 bushels from the previous month and 8.9 bushels below last year's record of 164.7 bushels.
Forecasted yields decreased from last month throughout much of the Corn Belt and
The full report is available online from USDA.