By now nearly everyone involved in agriculture or in activities even remotely connected with agriculture is aware that USDA will release a crop report (the WASDE) on Friday, 10 August. Most are aware that the U.S. corn and soybean crops have been hurt by this summer's severe drought and that USDA will provide a view of how badly those crops have been damaged by the drought. By the end of Friday, the television press will no doubt have conveyed USDA's crop estimates along with 30-second analyses of what they mean, as delivered by reporters standing amid fields of withered corn.Although much attention will be focused on USDA's first estimates of yields and production based on its actual survey process, the fact that U.S. corn production is...