The January USDA Crop Production Report comes out on Thursday. Analysts do not expect a lot of surprises, but they will be watching the estimates carefully. Forecasts regarding the reports look bearish. “We expect growing balance sheets for corn and soybeans as a combination of reduced feed, lower corn exports, and rising soybean yields to contribute to higher ending stocks numbers,” said Mike North, Commodity Risk Management Group President. Other analysts are looking for bearish reports on all grains, but do not expect the markets to be too surprised as it is well known that there are high numbers of ending stocks.
A survey of analysts showed that corn production guesses near 15.1 billion bushels, 175.1 bushel per acre yield, and 2.38 billion bushels in ending stocks. Soybean estimates are 4.37 billion bushel production, 52.7 bushels per acre yield, and 468 million bushels in ending stocks. Wheat ending stocks estimates put the number at 1.14 billion bushels.
Source: NAFB News Service