Trade Readies for March USDA Reports

March 8, 2012 04:06 AM
 

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

 

 

2011-12 carryover

Avg.

Range

USDA Feb.

2010-11

in billion bushels

Corn

0.784

0.746-0.825

0.801

1.128

Soybeans

0.257

0.225-0.275

0.275

0.215

Wheat

0.838

0.811-0.878

0.845

0.862

Cotton (mil. bales)

3.60

3.40-3.80

3.80

2.60

Pre-report expectations compiled by Dow Jones newswire.


Juli says: Traders are expecting a "positive" report, as they expect carryover levels to decline from February. But traders are hesitant to extend long positions aggressively heading into the report in case of a surprise.   Getting as much or more attention as U.S. carryover levels are South American crop expectations. Traders look for USDA to trim the size of the Brazilian corn crop by around 600,000 metric tons (MT) from last month to 60.4 million metric tons (MMT), with the Brazilian bean crop expected to drop by around 2.5 MMT to 69.5 MMT. Traders expect USDA to trim the size of the Argentine corn crop by around 700,000 MT from last month to 21.3 MMT, with Argentine soybean production expected to decline by 1 MMT from last month to 47.0 MMT.

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