Grain traders met the U.S. Department of Agriculture’s (USDA) projections for record large U.S. corn and soybean production last week with little more than a shrug.

"As far as USDA reports go, this one was non-descript. There weren’t any shockers," said AgriVisor grain market analyst Dale Durchholz.

The Aug. 11 crop production report, which offers the first estimates based on objective data from the field, confirmed widespread expectations for high yields fueled by...