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In today's USDA crop production report and World Ag Supply and Demand Estimates, corn and soybean yield, production, and carryout estimates all rose above the September estimates, while harvested acreage continued its decline.

Click here to read the crop production report as a pdf.

Corn production was forecast at 14 billion bushels; if realized, it would be a new US production record. Soybean production was also pegged at record levels, at 3.26 billion bushels, the third largest on record.

Yields also moved higher, with corn at 160.4 bushels per acre, the highest average yield since 2009. Soybean yields rose by 1.8 bushels to average 43.0 bushels per acre.

In Iowa, corn production is 1% higher from September's numbers at 2.21 billion bushels. Yield is projected at 169 bushels per acre, up 7 bushels from the last numbers. Harvested acres are down 400,000 acres from the last forecast, at 13.1 million acres.

Soybean production in Iowa is estimated at 415 million bushels, 2% over September, with yields at 45 bushels per acre, 2 bushels higher than the previous forecast. Harvested acreage is 200,00 acres lower than September at 9.23 million acres.