Several changes were made to corn balance sheets in the U.S. Department of Agriculture's (USDA) January World Agricultural Supply and Demand Estimates (WASDE) report, starting with production. The USDA lowered the 2022-23 corn crop by 200 million bushels to 13.73 billion bushels. 

This was the result of a 1.6 million acre reduction to harvested acres, which was partially offset by a 1 bushel per acre increase in yield. We did see corn demand...