The USDA’s release of its annual “Crop Production” report on Friday showed corn for grain production estimated at a record 13.9 billion bushels, down slightly from the Nov. 1 forecast. However, this is 29 percent above 2012.

Doane Advisory Services notes that the drop contrasts with trade expectations calling for a 75 million bushel increase.

The report also estimated average yield at 158.8 bushels per acre, more than 35 bushels above 2012’s average yield. The area harvest for grain is estimated at 87.7 million acres.

Soybean production in 2013 totaled more than 3 billion bushels, up 8 percent from 2012 and the third largest on record.

The average soybean yield per acre is estimated 43.3 bushels, 3.5 bushels above last year’s yield. Harvest area is down slightly from 2012 to 75.9 million acres making it the fourth highest on record.   

Click here to read the report.