USDA made smaller than expected changes in the December Supply and Demand report. USDA left U.S. corn ending stocks at 1.7 billion bushels, reduced the soybean ending stocks by 15 million bushels to 175 million bushels and lowered wheat ending stocks to 862 million bushels. USDA also made small reductions to the 20/21 global ending stocks. Global corn stocks are expected to be 289 million metric tons. Global soybean stocks are estimate to be 85.6 million tonnes and global wheat ending stocks are forecast at 316.5 million tonnes.
