Friday's Crop Reports Could Have Big Impact
USDA releases revised 2007 crop production numbers as well as supply and price estimates for new crops.
Compiled by staff
Published: Jan 10, 2008
Several crop reports are coming from USDA that could affect markets and prices for farmers. The National Agricultural Statistics Service will provide revisions on its production numbers for corn, soybeans and other major crops as well as a very important number that trade will be looking closely at: winter wheat seeding.
USDA Outlook Board Chairman Gerry Bange says those revised numbers from NASS will go into new Outlook Board Supply and Demand forecasts.
"We get those in the middle of the night Friday morning and work them into our numbers," Bange says. "We don't expect them to be very, very large, but there could be some numbers that would be a little unexpected. We work very diligently to get the exact numbers that NASS publishes worked into our World Agricultural Supply and Demand Report."
Another key component that will be released Friday is a look at crop prospects for the Southern Hemisphere.
"What's happening in Brazil now of course is extremely important with regard with what's going on in soybeans," Bange says. "We've seen a meteoric rise in soybean prices here and a lot of talk about what the situation is in Brazil. There's been some dry weather in Argentina that has been a concern and an extensive drought period in Australia that affects wheat production there."
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Tagged: usda, wheat, soybeans, soybean, Drought
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