FreepikMarket AnalysisThe USDA’s December US supply/demand updates had some changes, but the FSA’s lack of significant South American crop declines left the major markets sluggish after the World Board revisions. This month’s US grain exports were slightly higher while soybeans US balance sheet was left unchanged. Brazil’s soybean crop estimate was reduced 2 mmt while the Argentina’s corn & soybean crops and Brazil’s corn crop estimates were left unchanged this month.The USDA increased the US wheat export outlook by 25 million bu. With no other changes in demand levels, this reduced US ending stock to 659 million. Internationally, the World Board upped Australia & Canada’s wheat crop by 1 mmt each, but they sliced Brazil’s output 1 mmt. No changes in the Black Sea wheat crops were made this month. China’s recent 1.2 mmt of US soft red wheat purchases were behind the USDA’s export increase. Overall, today’s US stock decline was behind their 490,000 reduction in world’s stocks to 258.2 mmt keeping the world’s carryover at 2015/16’s levels.US corn exports were also upped by 25 million to 2.1 billion bu this month. The World Board didn’t change its domestic feed & processing forecasts for the 2023/24 crop year. This adjustment decreased corn’s US stocks to 2.131 billion. A 1 mmt decline in Mexico’s crop & this major trade partner recent strong purchases were behind this export change. The World Board did increase both Russia & Ukraine’s corn crops by 1 mmt. However, the USDA didn’t adjust their S American crop outlooks despite Brazil’s current seeding delays of their safrina (2nd) crop plantings because of slow bean seedings in Mato Grasso and other provinces on dryness.December’s US soybean balance sheet was left changed. However, the USDA only reduced Brazil’s bean crop by 2 mmt to 161 mmt & left Argentina’s bean output unchanged. This was disappointing given Brazil’s weather issues of too wet in the south & too dry in the north delaying their seedings & thinning stands. Many Brazilian analysts already have their bean crop in the 155-158 mmt range. Overall, the USDA decreased their world stocks outlook by their world stocks outlook by 300,000 tons. What’s Ahead:As expected, the USDA didn’t make any major data changes this month. Black Sea & S. American weather remain market factors for the 3 major markets. However, reduced trading activity during the upcoming holiday season will likely reduce the price swings.Still looking to up Jan bean sales to 65% at $13.70-85, March corn to 50-55% at $4.90-$5.10 & March KC wheat to 65% in the $6.75-95 range.More By This Author:After The Recent Export Surge, US Ending Stocks Aren’t Expected To Change Slightly Larger US Soybean And Corn Crops Prompts Small Stocks Changes Slightly Smaller US Corn & Soybean Crops Dip Ending Stocks This Month