The U.S. Department of Agri­­culture (USDA) last week forecast record corn and soybean yields in the United States. It also confirmed current prices, one analyst said.

"The report confirmed the prices we’re seeing now," said Chad Hart, grains market specialist for Iowa State University (ISU) Extension and Outreach. "It argues it’s not going away anytime soon."

The USDA in its report forecast corn production at 14.4 billion bushels, up 3 percent from its August estimate. The USDA forecast corn production at 171.7 bushels per acre,...