The August USDA WASDE and NASS production estimates raised the U.S. corn yield while increasing both the U.S. and world corn ending supplies slightly. However, that wasn’t enough to alter the course of the world feed grain supplies. In fact, this was likely just a temporary upward blip in the numbers, which will then trend lower again in subsequent reports. USDA is too high on its world corn production estimate and perhaps also on the U.S. corn yield. We’ll see what the Pro Farmer corn and soybean crop tour thinks about yield prospects this week, although USDA is certainly far more advanced in its methodology. Despite the forecasts for another record yield in the U.S., the rapid change in the world corn supply outlook has been...