Trade Readies for December USDA Reports

December 8, 2011 07:35 AM
 

 

Following are pre-report trade expectations ahead of the December 9 USDA Supply and Demand Report, to be released at 7:30 a.m. CT:

2011-12 carryover

Avg.

Range

USDA Oct.

2010-11

in billion bushels

Corn

0.838

0.712-0.899

0.843

1.128

Soybeans

0.213

0.195-0.247

0.195

0.215

Wheat

0.830

0.731-0.867

0.828

0.862

Cotton (mil. bales)

3.50

2.300-3.900

3.80

2.60

Pre-report expectations compiled by Dow Jones newswire.


Juli says: USDA's December crop report typically doesn't provide any big surprises as there are no changes to production estimates ahead of the Annual Crop Production Summary in January. The biggest change traders expect is an 18-million-bu. increase in 2011-12 soybean carryover from last month, according to average pre-report trade guesses. The soybean export bookings pace is lagging what's needed to reach USDA's export forecast and therefore, the export projection is expected to be reduced from last month.

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