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Corn futures are trading steady to slightly lower at midday following the release of the monthly USDA reports. 14/15 US production came in at 13.555 billion bushels(bbu) on 80.7 million harvested acres and a national average yield of 168 bpa. They cut acreage by 400,000 and raised the average yield half a bushel; effectively shrinking the production estimate by just 30 million bushels (mbu). New crop production in Brazil was raised 1 MMT from last month to 80 MMT while CONAB is expecting 82.6 to 83.6 MMT. USDA did raise the cash price midpoint for the year by 5 cents. Average ethanol prices were $1.49 in three states (up 2 cents in NE and SD and up a penny in IA), while steady in IL at $1.56.