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 exports, putting ending stocks at 862 million bushels. 

The global balance sheet updates also weren't as significant as the trade was hoping for. The global corn carryout is now estimated at 289 million metric tons, which was a 2.4 million metric ton reduction from November. Global soybean ending stocks were lowered to 85.6 million metric tons from last month’s 86.5 million metric tons. 

The global wheat supply is expected to shrink nearly 4 million metric tons to a total of 316.5 million metric...