U.S. corn and soybean production is expected to hit a record this year, the U.S. Department of Agriculture (USDA) said in its report released last week.

U.S. corn production is forecast at 15.2 billion bushels, up 1 percent from the October forecast and up 12 percent from last year. Based on conditions as of Nov. 1, yields are expected to average 175.3 bushels per acre, up 1.9 bushels from the October forecast and up 6.9 bushels from 2015.

Iowa corn production is forecast at a record 2.7 billion bushels this year, up from 2.5 billion bushels in 2015, the USDA said. Average yield is projected at 199...