Trade Readies for July USDA Reports

July 9, 2012 06:51 AM
 

Following are pre-report trade expectations ahead of the July 11 USDA Supply and Demand and Crop Production Reports, to be released at 7:30 a.m. CT:

 

2011-12 carryover

Avg.

Range

June

2010-11

in billion bushels

Corn

0.840

0.750-0.905

0.851

1.128

Soybeans

0.170

0.145-0.200

0.175

0.215

 

2012-13 carryover

Avg.

Range

USDA June

2011-12

in billion bushels

Corn

1.232

0.750-1.690

1.881

0.851

Soybeans

0.134

0.095-0.176

0.140

0.175

Wheat

0.725

0.639-0.822

0.694

0.743

 

Wheat Production

Avg.

Range

June

2011

in billion bushels

All wheat

2.253

2.144-2.308

2.234

1.999

All winter

1.668

1.613-1.699

1.684

1.494

HRW

1.010

0.963-1.026

1.024

0.780

SRW

0.426

0.403-0.460

0.429

0.458

White winter

0.229

0.215-0.233

0.231

0.256

Spring wheat

0.492

0.420-0.524

NA

0.455

Durum

0.088

0.075-0.100

NA

0.050

Pre-report expectations compiled by Dow Jones and Reuters newswires.


Juli says: Wednesday's report will provide the first survey-based spring wheat and durum estimates. Traders will have to wait until August 10 for USDA's first survey-based corn and soybean crop estimates, but traders expect USDA to lower yield estimates for the crops based on declining crop conditions. According to pre-report expectations, traders expect USDA to come in with a corn yield estimate of 154.1 bu. per acre and peg soybean yield at 42.3 bu. per acre.

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