Very few changes took place to the domestic balance sheets in the December WASDE report, which is not surprising given the fact only demand is updated in this release. Even then, no change was made to corn and soybean usage.

This left corn ending stocks at 1.91 billion bushels and soybeans at 475 million bushels. We did see a change to the U.S. wheat stocks number though, with carryout down to 974 million bushels from the 1.01 billion...