As expected, the USDA trimmed the U.S. corn yield estimate in the July World Agriculture Supply and Demand (WASDE) report, but by a lower volume than traders were anticipating. The average U.S. corn yield estimate now stands at 177.5 bushels per acre, down 4 bushels from June. Total crop size was bumped up to 15.32 billion bushels, as harvested acres increased 2.2 million following the USDA's June planted acres revision. 

This level of production was ...