USDA released its latest Crop Production report on Nov. 10.

U.S. corn production is forecast at 14.4 billion bushels, down slightly from the previous forecast, but up 3% from 2013. Area harvested for grain is forecast at 83.1 million acres, unchanged from the October forecast, but down 5% from 2013.

Based on conditions as of Nov. 1, corn yields are expected to average 173.4 bushels per acre, down 0.8 bushel from the previous forecast, but 14.6 bushels above the 2013 average. If realized, this will be the highest U.S. yield and production on record.

Twenty-two states expect a record high corn yield for 2014. The Nov. 1 corn objective yield data indicate the highest number of ears on record for the combined 10 objective yield states (Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Ohio, South Dakota and Wisconsin).

Soybean production is forecast at a record 3.96 billion bushels, up less than 1% from October and up 18% from last year. Area for harvest is forecast at a record 83.4 million acres, unchanged from last month.

Based on Nov. 1 conditions, yields are expected to average a record high 47.5 bushels per acre, up 0.4 bushel from last month and up 3.5 bushels from last year.

The November objective yield data for the combined 11 major soybean-producing states (Arkansas, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Ohio, and South Dakota) indicate a higher pod count compared with last year, as conditions have generally been more favorable across the Midwest. Compared with final counts for 2013, pod counts are up in eight of the 11 published states. The largest increase from 2013’s final pod count is expected in Missouri, up 555 pods per 18 square feet. An increase of more than 200 pods per 18 square feet is expected in Arkansas, Illinois and Iowa.

Dave Kurzawski, FCStone, said the Crop Production report’s corn and soybean estimates was well within expected pre-report ranges from private industry.

To see the full WASDE report, click here.

To see the full Crop Production report, click here.