Very few changes were made to the U.S. corn or soybean balance sheets in the USDA's July WASDE report. Corn yield was left unchanged at 179.5 bushels per acre for a 15.16 billion bushel crop, up 160 million bushels from June on higher acreage. 

Old crop corn carryout decreased 100 million bushels from the lower June stocks data, but this elevated production was enough to push new crop ending stocks to 1.43 billion bushels, roughly 80 million bushels more than a month ago. 

Soybean...