The U.S. Department of Agriculture’s (USDA) World Agricultural Supply and Demand Estimates (WASDE) report re­­leased last week provided a mixed outlook for 2014/15 corn and soybean supplies.

The USDA reduced U.S. corn ending stocks for 2014/15 by 50 million bushels to 1.83 billion bushels. Corn feed and residual use is projected 25 million bushels lower at 5.25 billion bushels with the accompanying...