Corn and Soybean futures rally following bullish USDA WASDE data.

Agricultural futures rallied broadly across the board following the release of the monthly USDA WASDE report. Corn futures settled higher after the USDA trimmed the domestic yield forecast to 179.6 bushels per acre, cutting total production to 15.893 billion bushels and domestic ending stocks to 1.758 billion bushels. Soybean futures saw significant gains as January contracts rallied nearly 40 cents, supported by a domestic yield of 53.3 bushels per acre and U.S. ending stocks falling to 300 million bushels. Chicago Wheat futures closed in positive territory as well, supported by lower domestic ending stocks of 743 million bushels despite higher global ending stockpiles.