Traders headed into the USDA July world supply/demand estimates (WASDE) expecting the worst, but seemed to come away with a “that wasn’t so bad” reaction. Usually, the July WASDE isn’t eagerly anticipated, but with USDA analysts tasked with building in repercussions of the changing trade picture, no one was certain what to expect.

As is usual, when the environment is uncertain, prices seem to go down. That was true of the commodity sector in general, with few markets untouched at...