The U.S. Department of Agriculture (USDA) did adjust corn plantings in its July supply and demand report to match the revisions in the June 30 acreage report, but left yield alone. The U.S. corn crop this year is now projected at 15 billion bushels, 995 million bushels less than the previous estimate. 

The USDA lowered feed and residual demand but made a slight increase to industrial demand to put 2020-21 ending stocks at 2.65 billion bushels. While a reduction of 675 million bushels from June, this is...