What To Expect From The USDA
This afternoon's USDA report is expected to confirm record US soybean production for 2009 with the average trade guess coming in at 3.291 billion bushels, with an average yield of 42.9 bu/acre.
For corn the average estimate is 12.99 billion bu, with an average estimated yield of 162.64 bu/acre.
Wheat 2009/10 ending stocks are expected to increase to 800 million bushels.
There is certainly potential that final production (and wheat ending stocks) might prove to be significantly higher than these average trade guesses. Although, the USDA as we all know are famously cautious about increasing production numbers at times of plenty.
Informa Economics last week said that US soybean production this season would total a record 3.383 billion bushels, with an average yield of 44 bushels per acre. Not wanting to be left out US corn production will also set an all-time record of 13.127 billion bushels with an average yield of 164.7, they said.
In what should prove to be a very interesting report there is also plenty of potential for tinkering with global production numbers too. Wheat output will likely be increased in Russia, Canada and the US. There might also be a few increases elsewhere, although decreases are likely in Brazil and Argentina. Soybean output for next season in Brazil and Argentina will also be of interest.
For corn the average estimate is 12.99 billion bu, with an average estimated yield of 162.64 bu/acre.
Wheat 2009/10 ending stocks are expected to increase to 800 million bushels.
There is certainly potential that final production (and wheat ending stocks) might prove to be significantly higher than these average trade guesses. Although, the USDA as we all know are famously cautious about increasing production numbers at times of plenty.
Informa Economics last week said that US soybean production this season would total a record 3.383 billion bushels, with an average yield of 44 bushels per acre. Not wanting to be left out US corn production will also set an all-time record of 13.127 billion bushels with an average yield of 164.7, they said.
In what should prove to be a very interesting report there is also plenty of potential for tinkering with global production numbers too. Wheat output will likely be increased in Russia, Canada and the US. There might also be a few increases elsewhere, although decreases are likely in Brazil and Argentina. Soybean output for next season in Brazil and Argentina will also be of interest.
