There were no changes to the three major crops in the USDA's December crop production report, which was released on Friday.

New US soybean ending stocks held firm at 480 million bushels, while 2016/17 crop ending stocks for corn also stayed put at 2.403 billion bushels.

Wheat was steady at 1.143 billion bushels.

The USDA did raise global production and ending stocks for the three major crops in its World Agricultural Supply and Demand Estimates (WASDE) report.

Global corn production for 2016-17 increased by 9 million metric tons to a record 1,039.73 million metric tons.

Corn production was raised in Brazil with increases in both area and yield.

Global soybean production for the 2016-17 crop year was increased 1.91 million metric tons to 338 million metric tons. This was due to higher yields expected in India and Canada.

Globally, the USDA raised wheat production for 2016-17 by 6.54 million metric tons to 751.26 million metric tons. A big part of this was a bump in Australia's production to a projected 4.7 million tons. There were lesser increases in Brazil and the EU.