In its World Agricultural Supply and Demand Estimates (WASDE) re­­port last week, the U.S. Department of Agriculture (USDA) raised its U.S. corn and soybean production forecast.

U.S. corn production for 2014/15 is forecast 363 million bushels higher at a record 14.39 billion bushels. The corn yield forecast is raised 4.3 bushels per acre to a record 171.7 bushels.

Corn supplies for 2014/15 are projected at 15.6 billion bushels, up 826 million bushels from the previous record in 2013/14.

The USDA raised its corn export forecast 25 million bushels to 1.75 billion bushels. Feed and residual use for 2014/15 is projected 75 million bushels higher this month with the larger crop and lower prices.