Despite the historic drought that crushed US corn crops this summer, today's feedstock report from the USDA projects record worldwide corn supplies for 2012/2013.

Thank the Brazilians.

"Brazil’s corn exports for trade year 2012/13 are raised over 30 percent this month to a record 19.0 million tons, supporting an increase in forecast corn trade and a sharp reduction in U.S. exports to the lowest level in almost 40 years," wrote the USDA.