This week, USDA’s monthly supply/demand report will be the key focus of attention in the ag world. Traders have had a week to digest last week’s quarterly reports and analyze whether tweaks are needed in crop balance sheets.
Other than that, weekly Crop Progress is back on Mondays and will provide a measure of planting progress in the South. The weekly grain inspections for export and Thursday’s export sales will be used as a measure of the health in that sector.
As you read of imports of the dollar, keep in mind that the five year average for corn exports shows only 13% of US corn production is exported. More than 45% of soybeans and 51% of the wheat crop are exported. Cotton relies heavily on exports: 77%. Export sales are more important in the pork market than beef.
The corn market also will monitor the EIA Energy Stocks report on Wednesday for how ethanol production is faring.