The latest World Agricultural Supply and Demand Estimates (WASDE), published last week by the U.S. Department of Agriculture (USDA), projected corn yields and ending stocks higher, driving down the estimated value to $3.10 per bushel. 

The USDA’s yield survey indicates a national average of 181.8 bushels per acre, a record. If this occurs, production is forecast at 15.3 billion bushels, up 278 million from the July projection. 

Similarly, this season’s soybean production is now estimated to be 4.425 billion bushels, 290 million bushels more than the...