It seems like it has been an eternity since the USDA last issued a production and supply and demand estimate. The fact is that it has been an eternity. The October government shutdown resulted in the cancelation of that month's reports. The timing of the shutdown was bad for the industry for two primary reasons:

It occurred in the midst of the corn and soybean harvest period when the market was looking for yield confirmation. It occurred during a growing season that saw a very wide range of weather conditions that also meant a very broad range of yield results.

The market has been expecting and trading much better corn yields and somewhat better soybean yields for the past six weeks than were reflected in the September report. The...