The bullish tone of USDA's July WASDE surprised many observers. USDA lowered its projected corn and soybean yields and production more aggressively than expected. USDA now projects a national average corn yield of 146.0 BPA, exactly 20 BPA less than what it used last month. Harvested land was lowered by 200,000 acres and total corn production fell to 12.970 billion bu, down 1.820 billion from June. This must represent a record drop for a single month, or at least close to it.The national average soybean yield was put at 40.5 BPA, down 3.4 BPA from June. The reduced yield more than offset the sharply increased planted acreage from the 29 June plantings report with the result that soybean production was pegged at 3.050 billion bu, down 155...