The Brazilian soybean harvest wrapped up for the year, and we are now seeing the trade focus on the safrinha corn harvest. This is Brazil’s second corn crop and provides nearly all of the country’s exportable corn.

Several changes were made to domestic corn balance sheets in the August WASDE report, but all were within trade expectations.

U.S. corn yield was trimmed 2.4 bushels per acre for an average of 175.1 bushels. This put total...