Very few changes were made to the domestic balance sheets in the December supply and demand report. All corn data was unchanged, leaving carryout at a projected 1.7 billion bushels. Soybean crush was raised by 15 million bushels, which cut ending stocks to a minimal 175 million bushels. 

Even though stocks were reduced, the trade was hoping for an increase to exports as well, and the number was viewed as bearish given pre-report positioning. Domestic wheat stocks were lowered 15 million bushels due to a decrease in imports and higher...