There weren’t many surprises in the U.S. Department of Agriculture’s (USDA) World Agriculture Supply and Demand Estimates (WASDE) report last week.

The USDA raised old-crop inventories 15 million bushels to 450 million bushels. Pre-report estimates had the old-crop soybean inventories at 433 million bushels, Successful Farming re­­ported. The new-crop soybean carryout was forecast at 495 million bushels, higher...