The big news for markets today circulates around the USDA December report that came out at 7:30 a.m. this morning.

For U.S. Carryover Numbers:
• Corn: Unchanged, sitting at 647 million bu (Nov projection at 647 million)
• Beans: 130 million bu, down from Nov projection of 140 million
• Wheat: 745 million bu, up from Nov projection of 704 million bu
• Cotton: 5.4 million bales, down from Nov projection of 5.8 million 

One of the surprises with the December report was that USDA opted to leave projected corn exports at 1.15 billion bu, making no change to either the supply or demand side of corn. It also made no changes to total soybean supplies this month, despite sales pace running above the expected.

In reaction, we're seeing corn dropping down, along with beans, and seeing double digit losses on wheat with virtually no support.

Stay tuned as Sonja Langseth catches up with Ted Seifried of the Zanger Group as they break down the WASDE December report.