The January USDA Crop Production Report comes out on Thursday and analysts don’t expect a lot of surprises, but they will be watching the estimates carefully. An Ag Web Dot Com article says 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 don’t expect the markets to be too surprised as it’s well known that there are high numbers of ending stocks. A Reuters 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.
From the National Association of Farm Broadcasting news service.