Despite flooding and record-breaking heat, U.S. farmers are still projected to produce the third-largest corn crop on record, according to a report released Monday by the U.S. Department of Agriculture (USDA). Total U.S. corn production is predicted at 12.5 billion bushels, with yields expected to average 148.1 bushels per acre. Iowa retains its position as the top corn-producing state, with an expected 2.29 billion bushel crop. The average yield in Iowa was pegged at 167 bushels an acre, up 2 bushels an acre from 2010, but down 10 bushels per acre from the August USDA report. U.S. soybean production is forecast at 3.09 billion bushels, up 1 percent from August, but down 7 percent from last year. For Iowa, production is estimated at 464.6 million bushels, compared with 496.2 million in 2010.