In Case You've Forgotten

The USDA are out on Thursday with their revised US and world crop production numbers. Bigger output numbers are expected from the US by most of the private firms like FC Stone and Informa.

Whilst they will undoubtedly drop their wheat (and corn) production numbers from Russia and some of the other Black Sea countries (and possibly Europe too), if they run true to form they won't drop these anything like as much as some of the other numbers that are already in the market.

That could be construed as bearish, although the trade may ultimately decide that the USDA are in fact unaware of the difference between their backsides and a hole in the ground and carry on regardless.