In its November Crop Production Report, USDA reduced its corn and soybean estimates for this year's crops. Actual harvested acreage didn't change, but the report pushed yield estimates slightly lower.

USDA's November report, pegged corn production at 12.02 billion bushels. That's slightly lower than the revised October forecast, which estimated the crop at 12.03 billion bushels. It's also 8 percent below 2007's level.

Based on conditions as of Nov. 1, corn yields are expected to average 153.8 bushels per acre, down 0.1 bushels from October's estimate. However, that's still 2.7 bushels above last year. If the November number holds true, this year's corn crop could produce the second-highest corn yield on record, behind 2004. That would put production at the second largest, behind last year.

Soybean production is projected at 2.92 billion bushels, down slightly from October's revised estimate of 2.94 billion bushels, but up 9 percent from last year. The soybean crop harvest it much further along (could be considered complete) than corn. Again, based on Nov. 1, conditions, yields are pegged at 39.3 bushels per acre on average. That's 0.2 bushels short from Oct. 1's estimate, and down 2.4 bushels from 2007. Even with that, this year's crop could be the fourth-largest on record.

To review USDA's Crop Production Report, click here.

Source: USDA