February crop reports will focus on U.S. demand, global crops
USDA will update its 2021-22 U.S. demand forecasts in the Feb. 9 Supply & Demand Report. There won’t be any U.S. crop updates this month. A bigger focus will be updates to USDA’s South American crop forecasts, though they will remain above most if not all private crop forecasters. The following report expectations are based on a survey of analysts by Reuters (Bloomberg for cotton).
|
Expectations for |
|
|
Corn – billion bushels |
|
|
2021-22 |
|
|
Average est. |
1.512 |
|
Range |
1.420-1.560 |
|
USDA January |
1.540 |
|
Soybeans – million bushels |
|
|
2021-22 |
|
|
Average est. |
310 |
|
Range |
182-350 |
|
USDA January |
350 |
|
|
|
|
Wheat – million bushels |
|
|
2021-22 |
|
|
Average est. |
629 |
|
Range |
596-655 |
|
USDA January |
628 |
|
|
|
|
Cotton – million bales |
|
|
2021-22 |
|
|
Average est. |
3.29 |
|
Range |
3.00-3.70 |
|
USDA January |
3.20 |
|
Expectations for |
|
|
Corn – MMT |
|
|
|
2021-22 |
|
Average est. |
300.32 |
|
Range |
294.30-303.00 |
|
USDA January |
303.07 |
|
Soybeans – MMT |
|
|
|
2021-22 |
|
Average est. |
91.51 |
|
Range |
86.00-94.00 |
|
USDA January |
95.20 |
|
Wheat – MMT |
|
|
|
2021-22 |
|
Average est. |
279.89 |
|
Range |
275.90-282.40 |
|
USDA January |
279.95 |
|
Cotton – million bales |
|
|
|
2021-22 |
|
Average est. |
84.95 |
|
Range |
84.00-85.75 |
|
USDA January |
85.01 |
|
Brazilian Production |
|
|
Soybeans – MMT |
|
|
Average est. |
133.65 |
|
Range |
126.50-137.50 |
|
USDA January |
139.00 |
|
|
|
|
Corn – MMT |
|
|
Average est. |
113.63 |
|
Range |
111.00-116.10 |
|
USDA January |
115.0 |
|
Argentine |
|
|
Soybeans – MMT |
|
|
Average est. |
44.51 |
|
Range |
43.00-46.00 |
|
USDA January |
46.50 |
|
|
|
|
Corn – MMT |
|
|
Average est. |
52.16 |
|
Range |
51.00-53.50 |
|
USDA January |
54.00 |
