Tomorrow is the big day, the Jan. 12 Crop Production and World Agricultural Supply and Demand Estimates reports. Here’s what you need to know before the reports are released.
Click on the links below to read AgWeb’s pre-report commentary and news.
Reports May Fuel further Gains, with Corn Leading
Corn, soybean, and wheat futures all may get a boost from USDA reports to be released the morning of Jan. 12, but the corn market is most likely to lead prices higher after the reports.
Rich Nelson, director of research at Allendale, Inc., McHenry, Ill., expects the main focus of Wednesday’s reports will be U.S. ending corn stocks. Allendale projects stocks will end this marketing year at 756 million bushels, down from last month’s USDA projection of 832 million.
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Grisafi: Many Variables Ahead of Crop Production Report
Monday’s corn and soybean price gains on the heels of last week’s trace back, proves that volatility is the only sure thing this year.
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Grains Down Across the Board
With the Jan. 12 crop production report looming ahead, Gulke says the consensus is for a bullish report.
“Nobody can anticipate that the yield is going to be more. Everybody expects the government is going to lower the corn yield cause small crops get smaller and that the usage for the first quarter is going to be a record for both corn and beans and there might be a estimate on wheat they we’re going to ship more wheat.”
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Allendale January 2011 Production & WASDE Estimates
Corn - We have revised 2010 production slightly lower and increased usage (better ethanol offsetting lower exports).
Soybeans - Though production has been revised slightly lower we have offset that with lower usage.
Wheat - Winter wheat plantings will increase 4.6 million acres. More would have been added if not for dry conditions. ...............................
AgWeb will have the report data and analysis posted tomorrow morning, after the report’s release at 7:30 (CDT).
