Last week’s USDA reports spurred little reaction from commodity markets. Despite ongoing weather concerns in Brazil, no significant adjustments were made to South American corn or soybean estimates. USDA acknowledged the increased appetite for corn and wheat from China and more corn purchases from Mexico.

Brazil’s soybean estimates were cut by just 2 million metric tons, and corn for Brazil and Argentina were unchanged. Ultimately, analysts say the report was typical for December, with minor cuts to U.S. ending stocks for both corn and wheat. December reports typically yield few changes, with many change-making events coming up quickly as the new year approaches, such as South American weather for soybeans and the U.S. soybean export pace.

Read more on the latest USDA reports here.