The initial production numbers on this year’s U.S. corn and soybean crops from the U.S. Department of Agriculture (USDA) were as expected. The USDA pegged this year’s corn yield at 179.5 bushels per acre for a 14.99 billion bushel crop. 

This compares to last year's corn crop of 14.18 billion bushels. The initial soybean production numbers are for a yield of 50.8 bushels per acre and a crop size of 4.4 billion bushels. Last year’s U.S. soybean crop totaled 4.14 billion bushels. Total wheat production in the U.S. is...