Analysts say a major change in weather is needed to avoid another big price bump. (Flickr/Creative Commons)

The downgrade comes thanks to the disastrous drought plaguing midwestern states.

The New York Times reported the estimated levels are the lowest since 1995. Analysts have already said consumers will see higher prices for processed foods, animal feed and ethanol as a result. 

The department surveyed more than 25,000 farmers over the course of the last month to come to their low yield conclusion.

"It's scary when you see the numbers out today," analyst Terry Roggensack said. "Unless there is normal weather and rain from here on out, I can easily see prices for corn and soybeans" rising another 20 to 25 percent, the Times reported.

Read the full story here, and check out more of Neon Tommy's drought coverage here. 

Reach Executive Producer Catherine Green here; follow her here.