U.S. farmers will produce a re­cord 14.47 billion bushels of corn this year as well as a record 3.93 billion bushels of soybean, according to the U.S. Department of Agriculture’s (USDA) October crop production report released last week.

Production and yields for both corn and soybeans were raised slightly from the production report issued in September.

The crop production report was issued in conjunction with the monthly USDA World Agricultural Supply and Demand Estimates (WASDE) report last week. Re­acting to that report, analysts...