Expected corn yield 4 percent lower than 2014, but still 3rd highest on record

IndustriesAssociated Press

The U.S. Department of Agriculture says farmers are expected to produce 13.7 billion bushels of corn this year, down 4 percent from last year's record.

However, it still would be the third highest annual production on record in the U.S.

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The USDA monthly crop update was released Wednesday and said farmers are expected to harvest 81.1 million acres of corn.

Iowa, the nation's top corn producer, is projected to harvest 2.43 billion bushels, up 2.8 percent from 2014. And Nebraska's production will increase 3.8 percent to 1.66 billion bushels.

Illinois' corn production will fall nearly 15 percent due to heavy rains in June and July.

Meanwhile, soybean production is forecast at 3.92 billion bushels, down 1 percent from 2014. Illinois, the leading soybean grower, will see a 2.5 percent drop.