An early shot at chopping a healthy corn crop for silage has livestock producers across much of the state feeling better about their winter stock of feed. For those buying feed on the open market, the picture presents steady prices.

It’s good news for feeders, not so much for corn producers.

“We’re having a good harvest nationwide, with pretty darn good yields,” says Shane Ellis, farm and ranch consultant with Latigo Strategic Management. “Corn is cheap. Most of the 2017 crop is sold, but 2018...