The U.S. Department of Agriculture expects corn production this year to be down 7 percent from the record breaking heights of 2007.  The report released Friday projects about 12 billion bushels of corn will be harvested this year. About one-third of that amount will be directed toward ethanol production.

Wet weather has slowed corn plantings, causing the greatest delay since 1995. The USDA reports that only 27 percent of the nation's corn crop had been planted through May 4.  The report is unwelcome news for those looking for relief in corn prices. The crop's price has skyrocketed over the last year to more than $6 a bushel, amid an ethanol boom and more demand for exports.