Trade Readies for September USDA Reports

September 11, 2011 04:22 AM
 

Following are pre-report trade expectations ahead of the September 12 USDA Supply and Demand and Crop Production Reports, to be released at 7:30 a.m. CT:

2010-11 carryover

Avg.

Range

Aug.

2009-10

in billion bushels

Corn

0.974

0.929-1.080

0.940

1.708

Soybeans

0.232

0.223-0.240

0.230

0.151

 

2011-12 carryover

Avg.

Range

USDA Aug.

2010-11

in billion bushels

Corn

0.636

0.497-0.757

0.715

0.940

Soybeans

0.152

0.110-0.188

0.155

0.230

Wheat

0.667

0.628-0.705

0.671

0.861

 

Crop Production

Avg.

Range

Aug.

2010

in billion bushels

Corn

12.505

11.913-12.913

12.914

12.447

Soybeans

3.025

2.924-3.085

3.056

3.329

Cotton (mil. bales)
16.01

15.24-16.55

16.55

18.10

Pre-report expectations compiled by Dow Jones newswire.


Juli says: Traders have lower corn and soybean crop estimates priced into the market. If Monday's report fails to impress market bulls, it could weigh on prices. However, downside risk should be limited by the overall tightening of supplies and lack of demand destruction in the corn market.

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