Several changes were made to corn balance sheets in the U.S. Department of Agriculture's (USDA) January World Agricultural Supply and Demand Estimates (WASDE) report, starting with production. The USDA lowered the 2022-23 corn crop by 200 million bushels to 13.73 billion bushels. 

This was the result of a 1.6 million acre reduction to harvested acres, which was partially offset by a 1 bushel per acre increase in yield. We did see corn demand trimmed by 25 million bushels on feed and 150 million bushels on exports, leaving carryout at 1.24 billion bushels, a 15 million bushel decease from last month. 

Soybean balance sheets were also impacted as harvested acres were cut by 300,000. Soybean yield was also lowered 0.7 bushel to give us a crop of 4.276 billion bushels. 

On the demand side, we had reductions to residual use of 4 million bushels and exports of 55...