The corn balance sheet projections from the USDA's Ag Outlook Forum last week forecast 92 million planted acres in the United States, down 1.4 million from last year but 200,000 more than the average trade guess. 

Corn yield is estimated at 181 bushels per acre and total crop production at 15.24 billion bushels. The USDA is predicting a new-crop corn carryout of 1.965 billion bushels, well above the current estimate of 1.54 billion bushels for this year. The...