This year's U.S. corn crop is slated at 13.2 billion bushels, down 2% from last month's projection from USDA. That's still higher than the 2009 record crop, though, says Friday's USDA Crop Production report.

Yields are expected to average 162.5 bushels per acre, down 2.5 bushels from last month. "Forecasted yields decreased from last month throughout much of the Corn Belt, Tennessee Valley and Delta," according to Friday's report. "Yields were up from August in the lower portions of the Southeast."

Soybean production's pegged at 3.48 billion bushels, up 1% from a month ago and 4% above a year ago.

• See more from Friday's Crop Production report

In its monthly World Agricultural Supply and Demand Estimates (WASDE) report, also released Friday morning, USDA pegs U.S. wheat ending stocks to be 902 million bushels lower than expected a month ago, reflecting growing global demand for the U.S. crop as Russia and other regions face drought and challenging crop conditions.

• See more from Friday's WASDE report