USDA’s releases its World Agricultural Supply and Demand Estimates for December at 11 a.m. CST. The last updates for the year usually don’t cause a lot of fireworks because the agency won’t update corn and soybean production projections until January. But strong demand for soybeans could lead to a modest reduction in carryout as exports remain brisk. Corn and wheat aren’t likely to see big changes, with supplies remaining burdensome.

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Traders await WASDE report coming out later this morning - where will USDA bring a surprise?

Senior Editor Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association. And you can follow Farm Futures throughout the day on Twitter at www.twitter.com/farmfutures.