According to the Department’s report, 12.3 billion bushels of corn will be collected, up 570 bushels from last month's forecast. That’s a 17% increase from 2006, but still short of last year’s record-setting 13.1 billion bushels harvested.

As a result, grain prices could drop, which will not only help consumers, but corn-based ethanol producers and meat companies. Tyson Foods, the nation’s largest meat company, just reported a 90% decrease in profits for the third quarter.

The average price for corn is expected to drop to between $4.90 and $5.90 per bushel, down 60 cents from last month's forecast. Meanwhile, soybean prices are expected to drop 50 cents to between $11.50 to $13 per bushel.

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