Both corn and soybean production is up from September's forecast.

Corn production is now forecast at 14.5 billion bushels. The current estimate is up less than one percent from last month's, but up four percent from 2013, the USDA's latest Crop Production report revealed.

As of October 1, yields are expected to average 174.2 bushels per acre, which is up 2.5 bushels from September's forecast.

Soybean production's current forecast is setting records with 3.93 billion bushels, which is up slightly from last month and 17 percent form last year.

Based on conditions on October 1, yields are forecast to average a record high 47.1 bushels per acre, which is up  half a bushel from last month and 3.1 bushels from last year.

Read the full Crop Production report here.