The U.S. Department of Agriculture (USDA) made a slight increase to the U.S. corn crop in the January World Agriculture Supply and Demand Estimates (WASDE) report. The USDA now estimates the crop at 15.11 billion bushels compared to 15.06 billion bushels last month. 

Harvested corn acres were increased by 300,000, which led to this increase. This is a full 1 billion bushels larger than the previous year’s crop. 

U.S. corn carryout was estimated at 1.54 billion bushels, up from last month’s 1.49 billion bushels projection. The USDA increased ethanol demand by 75 million bushels but decreased exports by an equal amount.

The U.S. soybean crop is now estimated at 4.435 billion bushels for the 2021-22 marketing year, just above the previous estimate for 4.425 billion bushels. A slight increase in yield to 51.4 bushels per acre was partially offset by a 100,000 acre decline in harvested acres. 

U.S. ending stocks on soybeans are now estimated at 350 million bushels, 10...