The trade is starting to show more interest in this coming year’s U.S. grain and soybean production possibilities. While last year’s corn and soybean carryout levels increased from the year before, the stocks-to-use on both crops remain very tight and just above where rationing would be needed. Wheat ending stocks continue to decline, and rationing is already warranted for that crop. 

For the 2021-22 marketing year, U.S. farmers produced a corn crop of 15.11 billion bushels, according to the...