Corn production in the U.S. is forecast at 14.7 billion bushels, down 1% from the previous forecast but up 8% from 2019, according to the monthly crop production report from USDA published last week. 

Based on conditions as of Oct. 1, yields are still expected to average a record high 178.4 bushels per harvested acre, down 0.1 bushel from the previous forecast. Harvested acres are projected down 1% from last month.

Corn supplies are forecast down sharply from last month as the result of the smaller crop and lower beginning stocks.

In Iowa, the anticipated...