Ahead of the Bell: Crop report

But analysts also project that the USDA's November estimate for this year's corn crop will be higher than last month's, according to Joe Victor, vice president for marketing at Allendale Inc., a commodities broker based in McHenry, Ill. That should benefit users of corn, including ethanol companies and livestock producers, by keeping a lid on prices.

The USDA's November crop report will be released Monday at 8:30 am EST.

Corn and soybeans are used as animal feed by meat producing companies such as Tyson Foods Inc., Hormel Foods Corp. and Smithfield Foods Inc. Shares of those companies fell sharply last week when the USDA reduced its estimates for corn and soybean production this year.

Analysts expect the USDA's November report will cut its estimate of soybean yield per acre to 39.2 bushels, from its previous estimate of 39.5, Victor said. That would reduce total soybean production to 2.92 billion bushels from 2.94 billion.

November's report from the USDA comes as about 90 percent of the soybean crop has been harvested, which means its estimates for total production and stockpiles will be more accurate than preceding months and carry greater weight, Victor said.

That compares to about 50 percent of the nation's corn crop that has been harvested, he said.

Analysts expect the USDA to boost its estimate of corn yield per acre to 154.4 bushels, from 153.9 in last week's revised report. That would increase total production to 12.08 billion bushels, from 12.03 billion.