Trade Thoughts Ahead Of The USDA Report

Posted by Nogger - a legend in his own mind at 14:06 | Categorized as

08/03/13 -- Here's a little resumé of what the trade is expecting from the USDA tonight:

SOYBEANS

US ending stocks to be cut to 122 million bushels, from within a range of estimates of 107–131 million. The USDA's February estimate was 125 million, and 2011/12 ending stocks were 169 million.

The Argentine soybean crop average estimate is 51.0 MMT, from within a range of estimates of 48.5–53.0 MMT. The USDA's February estimate was 53.0 MMT, and the 2011/12 crop was 40.1 MMT.

The Brazilian soybean crop average estimate is 83.4 MMT, from within a range of estimates of 82.0–84.5 MMT. The USDA's February estimate was 83.5 MMT, and the 2011/12 crop was 66.5 MMT.

The world soybean ending stocks average estimate is 59.58 MMT, from within a range of estimates of 58.0–60.6 MMT. The USDA's February estimate was 60.12 MMT, and the 2011/12 carryout was 55.25 MMT.

CORN

US ending stocks to be raised to 649 million bushels, from within a range of estimates of 627–750 million. The USDA's February estimate was 632 million, and 2011/12 ending stocks were 989 million.

The Argentine corn crop average estimate is 25.6 MMT, from within a range of estimates of 24.0–27.0 MMT. The USDA's February estimate was 27.0 MMT, and the 2011/12 crop was 21.0 MMT.

The Brazilian corn crop average estimate is 72.6 MMT, from within a range of estimates of 71.6-73.5 MMT. The USDA's February estimate was 72.5 MMT, and the 2011/12 crop was 73.0 MMT.

The world corn ending stocks average estimate is 117.87 MMT, from within a range of estimates of 116.0–120.0 MMT. The USDA's February estimate was 118.04 MMT, and the 2011/12 carryout was 131.01 MMT.

WHEAT

US ending stocks to be raised to 713 million bushels, from within a range of estimates of 671–754 million. The USDA's February estimate was 691 million, and 2011/12 ending stocks were 743 million.

The world wheat ending stocks average estimate is 176.69 MMT, from within a range of estimates of 174.5-179.0 MMT. The USDA's February estimate was 176.73 MMT, and 2011/12 carryout was 196.54 MMT.