USDA's much-anticipated “Crop Report” indicates the U.S. could have the second-largest corn crop in history. USDA projects 12.3 billion bu., with yields at 155 bu./acre. Corn growers are expected to harvest 79.3 million acres of corn, which is down 8% compared to last year.

Meanwhile, soybean production is expected to reach 2.97 billion bu., which is up 15% over last year. USDA forecasts yields to average 40.5 bu./acres, which is down 0.7 bu. from 2007. This would be the fourth-largest soybean crop in history.