The corn balance sheets that were released this month were less friendly to prices than the trade had been expecting. 

The U.S. corn carryout was trimmed a mere 50 million bushels to 1.5 billion bushels total. The trade was expecting to see ending stocks trimmed by at least 170 million bushels. The entire reduction came from elevated exports. 

The USDA is now predicting an average U.S. cash corn value of $4.30 this year, a 10-cent increase from January. 

Only minimal changes were made to the U.S. soybean balance...