U.S. corn production is forecast at 12.3 billion bushels, down 1% from the October forecast and down 1% from 2010, according to the U.S. Department of Agriculture's latest estimates.

Based on conditions as of November 1, yields are expected to average 146.7 bushels per acre, down 1.4 bushels from the October forecast and down 6.1 bushels from 2010 — the lowest average yield since 2003. Area harvested for grain is forecast at 83.9 million acres, unchanged from the October forecast.

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Soybean production is forecast at 3.05 billion bushels, down slightly from the October forecast and down 9% from 2010 numbers. Based on November 1 conditions, yields are expected to average 41.3 bushels per acre, down 0.2 bushel from October and down 2.2 bushels from 2010. 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.