Tomorrow’s reports could hold big market-moving news.
All eyes will be on USDA’s Crop Production and World Agricultural Supply and Demand Estimates reports, which will be released at 7:30 tomorrow morning.
How will USDA alter their previous acreage or yield expectations?
Bob Utterback, president of Utterback Marketing and Farm Journal Economist, says that based on crop condition ratings, he thinks there’s 75 to 80% risk that USDA will increase its estimates of corn and soybean yields.
He thinks USDA will increase corn yields to 150 bu./acre and soybean yields to 42.5 bu./acre.
Utterback says prices will go higher if:
- We see something bullish on the demand side
- We have a greater than expected acreage loss
- A greater-than-expected yield loss occurs
“Any combination thereof will regain the emotions and the bullishness of this market,” he says.
Listen in to Utterback’s complete pre-report commentary:
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