The U.S. Department of Agriculture (USDA) lowered U.S. corn exports by 75 million bushels in the December supply and demand report, which was in line with trade expectations. This put the U.S. carryout at 1.257 billion bushels as no other changes were made to either side of the balance sheets. Global corn ending stocks were cut 2.3 million metric tons to 298.4 million metric tons. . 

This was mainly from losses in the Black Sea and European Union crops. No changes were made to South American corn production this month. The average cash price per bushel of corn was reduced 10 cents per bushel to $6.70.  

Soybean balance sheets were left un­changed this month. This kept U.S. ending stocks at 220 million bushels, which was at the low end of trade expectations. The global soybean carryout increased 600,000...