Despite a slowly maturing corn crop impacted by late summer heat, USDA upped its production forecast for the crop this year by a little bit instead of lowering it.

Corn production is forecast at 13.8 billion bushels, up less than 1 percent from the August forecast and up 28 percent from 2012. If realized, this will be a new record production for the United States. Based on conditions as of September 1, yields are expected to average 155.3 bushels per acre, up 0.9 bushels from the August forecast and 31.9 bushels above the 2012 average. If realized, this will be the highest average yield since 2009.

USDA did lower the soybean forecast by three percent to 3.15 billion bushels, still four percent above last year and expected to be the fourth largest on record. The cotton crop was lowered by another one percent to 12.9 million 480-pound bales, down 26 percent from last year.

During the Minneapolis Grain Exchange conference call on the report, Louise Gartner of Spectrum Commodities, commented on both the new production forecast and the new WASDE report.MGEX September USDA Report call