As expected, the U.S. Department of Agriculture (USDA) left the production side of the U.S. balance sheets unchanged this month in its latest supply and demand estimates. 

The USDA's forecast maintains the U.S. corn crop at 15.265 billion bushels. Old crop exports were reduced by 50 million bushels, and imports were cut by 15 million bushels, leading to a carryout estimate of 1.452 billion bushels. 

These numbers impacted the new crop, resulting in an ending stocks projection of 2.257 billion bushels. With the new crop stocks-to-use at 15.6%, there is no need for rationing at this time. The average cash values on corn were left at $6.60 for the old crop and $4.80 for the new crop.

No changes were made to U.S. soybean production this month either, keeping production at 4.51 billion bushels. The only change to demand was ...