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month's estimate of 122.8 bushels. That is the lowest average yield since 1995 and is significantly below last year's yield of nearly 153 bushels per acre. Although the drought dried up the soil in many parts of the U.S., the corn harvest was surprisingly good in some areas, said Darin Newsom, senior analyst for Telvent DTN, a commodity trading and information provider.
• "Is 122 anything great? No. It's still a dismal yield, still well below what had been anticipated earlier this year," Newsom added.
• In Iowa, for example, the nation's leading corn producer, production will be about 19 percent lower than last year at about 1.92 billion bushels. Neighboring Nebraska will see production down about 15 percent from last year at 1.3 billion bushels. Illinois was hard hit with production falling 37 percent to 1.22 billion bushels from last year and Indiana's slid 28 percent.
• Minnesota corn farmers lucked out this year, getting at least some rain that helped avert the dire conditions further south. They saw a 15 percent increase in corn production to 1.39 billion bushels and an 8 percent yield increase to 168 bushels per acre from last year's 156 bushels.
• Nationally, farmers planted more corn this year than in any other since 1937, so despite the widespread drought, the U.S. is expected to produce its eighth largest corn crop on record.
• Farmers planted about 97 million acres in corn, which is far more than just a decade ago when fewer than 80 million acres were planted. They are expected to harvest about 88 million acres this year.
• Corn supply is now estimated at 11.77 billion bushels, which is down from last month's estimate of 11.98 billion bushels.
• The report is expected to boost prices for the next few days as the market reacts to the lower production and tighter supply estimates, but analysts expect a calming of the market now that the harvest is in its final stages and the drought impact is clear.
• Corn for December delivery was trading at around $7.71 a bushel. It had hit a record high of $8.49 a bushel in August, but it has since settled down.
• The USDA estimated the season average price for corn now at between $7.10 and $8.50 per bushel, about 10 cents lower on both ends of the range from its September estimate.
• Still, prices at that level could have in impact on grocery bills, mostly meat and eggs since corn is used as a staple in chicken, cattle and pig feed.
• Global supplies of corn remain tight and the major users -- livestock farmers, the ethanol industry and other countries importing it -- will be forced to negotiate their level of use, a sort of market rationing that takes place in years of

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