The understatement of the year might be that the U.S. 2019 corn crop is off to a rocky start.

The wet spring season and flooding that occurred across the Midwest delayed planting and pushed an unknown, but likely record, amount of acreage into the prevent plant category.

This led to a supply-driven rally that saw new crop futures rally 75 cents from mid-May to mid-June. Garnering less press has been the potentially record large South American corn crop...