Compared to the October 10 release, the corrected Crop Production report reflects 1.2pc fewer planted acres for corn, 1.4pc fewer planted acres for soybeans, 1.9pc fewer acres planted acres for canola, 0.8pc fewer planted acres for sunflowers, and 0.7pc fewer planted acres for dry edible beans.

But the report also reflects a 2.5pc increase in planted acres for sorghum.

Even with the reduced acreage estimates, the 2008 corn crop is still on track to be the second largest on record, while the soybean crop will be the fourth largest.

USDA revised the US corn balance sheet for 2008/09 to reflect lower forecast area and production.

Planted and harvested area are both lowered 1.0 million acres.

Corn production is forecast at 12.033 billion bushels, down 167 million from the October 10 forecast.

Feed and residual use is projected 50 million bushels lower at 5.3 billion, with the smaller crop and higher expected sorghum feeding.

Corn exports are projected 50 million bushels lower at 1.95 billion on tighter supplies.

Ending stocks are projected at 1.088 billion bushels, down 66 million from the previous forecast.

The season-average farm price range is raised 5 cents on each end of the range to $4.25 to $5.25 per bushel.

USDA also lowered soybean production figures.

Planted and harvested area are both reduced 1.1 million acres.

Soybean production is forecast at 2.94 billion bushels, down 45 million from the October 10 forecast.

Soybean exports are projected 30 million bushels lower at 1.02 billion bushels reflecting reduced supplies and higher prices.

Soybean crush is unchanged from the October 10 projection leaving the soybean meal and soybean oil balance sheets unchanged.

Ending stocks are projected at 205 million bushels, down 15 million from the October 10 forecast.

The US season-average soybean price range is projected at $9.70 to $11.20, up 10 cents on both ends of the range.