While USDA’s reports are expected to favor bulls, the market could see a buy the rumor, sell the fact reaction to USDA data slated for release Jan. 12 at 11:00 a.m. CT. The following expectations are based on survey work by Reuters, with the exception of the cotton expectations. Those figures were generated by Bloomberg.
|
Expectations for 2020 |
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|
Corn |
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|
Production |
Yield |
Harvested acres |
|
|
Average est. |
14.470 |
175.3 |
82.543 |
|
Range |
14.319-14.997 |
173.8-178.2 |
82.000-84.160 |
|
USDA November |
14.507 |
175.8 |
82.527 |
|
Soybeans |
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|
|
Production |
Yield |
Harvested acres |
|
Average est. |
4.158 |
50.5 |
82.305 |
|
Range |
4.084-4.260 |
49.4-51.7 |
81.986-82.670 |
|
USDA November |
4.170 |
50.7 |
82.289 |
|
Cotton |
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|
Production |
Yield |
Harvested acres |
|
|
Average est. |
15.660 |
NA |
NA |
|
Range |
15.100-16.000 |
NA |
NA |
|
USDA December |
15.949 |
850 |
9.005 |
|
Expectations for |
|
|
Corn – billion bushels |
|
|
2020-21 |
|
|
Average est. |
1.599 |
|
Range |
1.400-1.782 |
|
USDA December |
1.702 |
|
Soybeans – million bushels |
|
|
2020-21 |
|
|
Average est. |
139 |
|
Range |
105-166 |
|
USDA December |
175 |
|
Wheat – million bushels |
|
|
2020-21 |
|
|
Average est. |
859 |
|
Range |
837-900 |
|
USDA December |
862 |
|
|
|
|
Cotton – million bales |
|
|
2020-21 |
|
|
Average est. |
5.39 |
|
Range |
4.90-5.90 |
|
USDA December |
5.70 |
|
Expectations for |
|
|
Corn – MMT |
|
|
|
2020-21 |
|
Average est. |
283.53 |
|
Range |
269.00-287.96 |
|
USDA December |
288.96 |
|
Soybeans – MMT |
|
|
|
2020-21 |
|
Average est. |
82.66 |
|
Range |
75.00-85.00 |
|
USDA December |
85.64 |
|
Wheat – MMT |
|
|
|
2020-21 |
|
Average est. |
315.37 |
|
Range |
310.00-318.36 |
|
USDA December |
316.50 |
|
Cotton – million bales |
|
|
|
2020-21 |
|
Average est. |
97.51 |
|
Range |
97.00-98.00 |
|
USDA December |
97.52 |
|
Expectations for |
|
|
Corn – billion bu. |
|
|
Average est. for Dec. 1, 2020 |
11.951 |
|
Range |
11.590-12.305 |
|
USDA Sept. 1, 2020 |
1.995 |
|
USDA Dec. 1, 2019 |
11.327 |
|
|
|
|
Soybeans – billion bu. |
|
|
Average est. for Dec. 1, 2020 |
2.920 |
|
Range |
2.775-3.215 |
|
USDA Sept. 1, 2020 |
0.523 |
|
USDA Dec. 1, 2019 |
3.252 |
|
|
|
|
Wheat – billion bu. |
|
|
Average est. for Dec. 1, 2020 |
1.695 |
|
Range |
1.585-1.827 |
|
USDA Sept. 1, 2020 |
2.159 |
|
USDA Dec. 1, 2019 |
1.841 |
|
|
|
|
Expectations for |
|
|
All winter wheat – million acres |
|
|
Average est. |
31.528 |
|
Range |
30.395-32.500 |
|
USDA final 2020 |
30.415 |
|
|
|
|
HRW wheat – million acres |
|
|
Average est. |
22.140 |
|
Range |
21.352-22.900 |
|
USDA final 2020 |
21.362 |
|
|
|
|
SRW wheat – million acres |
|
|
Average est. |
5.884 |
|
Range |
5.441-6.260 |
|
USDA final 2020 |
5.564 |
|
|
|
|
White winter wheat – million acres |
|
|
Average est. |
3.514 |
|
Range |
3.400-3.700 |
|
USDA final 2020 |
3.489 |
