The U.S. Department of Agriculture (USDA) in its World Agricultural Supply and Demand Estimates (WASDE) report released last week trimmed U.S. corn and soybean 2016-17 production from earlier estimates.

U.S. corn production is now estimated at 15.148 billion bushels, down 78 million bushels from last month on lower harvested area and a reduction in yield to 174.6 bushels per...