USDA is forecasting the third largest corn crop and the second largest soybean crop on record in a new planted acreage update released today.

U.S. growers are forecast to produce 13.7 billion bushels of corn this year, according to the report from USDA’s National Agricultural Statistics Service (NASS). That is actually a four percent decrease from last year’s production, but if realized will be the third largest production on record.

Overall, the report says that growers nationwide planted 88.9 million acres to corn, unchanged from the June estimate. As of August 2, 70 percent of U.S. corn was reported to be in good or excellent condition, three percentage points below the same time last year.

U.S. soybean growers are now forecast produce the second largest crop on record although one percent less than last year. NASS forecasts U.S. soybean production of 3.92 billion bushels with a yield of 46.9 bushels per acre, which would also be the second largest on record, down 0.9 bushels per acre from the record set in 2014. Growers are expected to set new record-highs in Arkansas, Georgia, Kentucky, Michigan, Minnesota, Nebraska, South Dakota, and Virginia.

Today’s report also included the first production forecast for U.S. cotton. NASS forecasts all cotton production at 13.1 million 480-pound bales, down 20 percent from last year. Yield is expected to average 795 pound per harvested acre, down 43 pounds from last year.

Wheat production is forecast up from 2014. According to the report, all wheat production is expected to total 2.14 billion bushels this year, up 5 percent from 2014. Based on August 1 conditions, NASS forecasts the all wheat yield at 44.1 bushels per acre, up 0.4 bushels from last year.

Jack Scoville of the PRICE Futures Group analyzed what he called a “smoking” report for the Minneapolis Grain Exchange crop call. MGEX Crop Call with Jack Scoville