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The U.S. 2015 corn and soybean crop sizes did not increase as much as the trade expected, and the amount of those crops being stored did not build as much either, according to the USDA Tuesday.As a result, the CME Group’s corn, soybean, and wheat markets have spiked higher. At the close, the March corn futures settled 5 cents higher at $3.56 3/4. March soybean futures closed 13 1/4 cents higher at $8.74. 


Developed countries agreed to stop the subsidies immediately and developing nations must follow by the end of 2018. The WTO, which represents 162 countries, called it "the most significant outcome on agriculture" since the body's foundation in 1995. But longstanding talks on other trade barriers were left unresolved at the end of the summit in Kenya.

U.S. farmers will harvest 13.9 billion bushels of corn, the second-largest crop ever, and 3.785 billion bushels of soybeans next year, USDA said in its first projections of the new crop. The new crops would follow three years of bumper crops since the searing 2012 drought.

Major food commodity prices fell in November, reversing about half their rise in the previous month, as the cost of internationally-traded staples, except for sugar, fell across the board.The FAO Food Price Index averaged 156.7 points in November, down 1.6 percent from its revised October average, and 18 percent below its value a year earlier.