Talk to farmers harvesting, or in many cases, waiting to harvest this year's corn crop and it should come as little surprise that USDA revised its Oct. 10 crop production forecast lower. Reports of soybean yields also reflected a shorter crop as well.

In a special updated report on Tuesday, USDA revised its crop production, supply and demand forecasts projections lower for corn, soybeans and other crops. The effort was "to correct data discrepancies," reports USDA. Specific to corn and soybeans, USDA cut its acreage, production and ending stocks forecasts and raised its price forecasts.

In the report, USDA shaved 166.5 million bushels off of its 2008 corn crop forecast, pushing it down to 12.033 billion bushels. It reflected 1.2 percent fewer corn acres than previously reported.

For the soybean crop, USDA cut its forecast by 44.7 million bushels, placing it at 2.94 billion bushels. The revised report dropped 1.4 percent from its estimated planted soybean acres.

These planting and yield adjustments caused USDA to also revise its World Agricultural Supply and Demand Estimates to reflect lower projected supplies, usage, as well as ending stocks for both corn and soybeans.

This forced USDA to raise its season-average farm price range for corn by 5 cents on each end of the range. That puts the price estimate at $4.25 to $5.25 per bushel for corn. The season-average soybean price range increased by 10 cents on each end, which pushes the range up to $9.70 to $11.20 per bushel.

To view the supply and demand revisions, click here