Gearing up for the USDA Crop Report
The following is a summary of pre-report estimates for this morning’s USDA Crop Production and Supply/Demand reports:
Soybeans: Average estimates for 2007 Soybean production are for a crop of 2.650 billion bushels versus the August USDA estimate of 2.625 billion bushels. Ending stocks for the 2007-08 season are estimated at 217 million bushels.
Corn: Corn production is expected to have increased from the August USDA estimate, with analysts looking for a crop near 13.13 billion bushels versus 13.054 in the August estimate. Average Corn yields are expected to have increased to 153.7 bushels per acre versus 152.8 bushels in August.
Wheat: 2007-08 U.S. Wheat carryout totals are expected to decrease once again, with average estimates coming in at 376 million bushels versus 404 million bushels in the August report.
Cotton: U.S. Cotton production is expected to show a moderate increase from the August USDA estimates, with analysts expecting a crop of 17.41 million 480-pound bales versus the August estimate of 17.35 million bales. This increase is expected to raise the U.S. carryout figures to 5.93 million bales, up 0.13 million bales from August.
Mike Zarembski, Senior Commodity Analyst
