December crop reports should be rather uneventful
USDA won’t update its corn and soybean crop estimates this month, only cotton, in Thursday’s Crop Production Report. That will put most of the focus on the Supply & Demand Report, specifically the demand projections for the 2021-22 marketing year. The following report expectations are based on Reuters surveys (Bloomberg for cotton).
|
Expectations for 2021 |
|||
|
Cotton |
|||
|
Production |
Yield |
Harvested acres (mil.) |
|
|
Average est. |
18.19 |
NA |
NA |
|
Range |
18.00-18.45 |
NA |
NA |
|
USDA Nov. est. |
18.20 |
880 |
9.922 |
|
Expectations for |
|
|
Corn – billion bushels |
|
|
2021-22 |
|
|
Average est. |
1.487 |
|
Range |
1.420-1.576 |
|
USDA November |
1.493 |
|
Soybeans – million bushels |
|
|
2021-22 |
|
|
Average est. |
352 |
|
Range |
325-411 |
|
USDA November |
340 |
|
|
|
|
Wheat – million bushels |
|
|
2021-22 |
|
|
Average est. |
589 |
|
Range |
573-632 |
|
USDA November |
583 |
|
|
|
|
Cotton – million bales |
|
|
2021-22 |
|
|
Average est. |
3.51 |
|
Range |
3.20-3.70 |
|
USDA November |
3.40 |
Not much change expected to the global forecasts either... As with the domestic data, USDA is expected to just fine tune its global ending stocks forecasts this month.
|
Expectations for |
|
|
Corn – MMT |
|
|
|
2021-22 |
|
Average est. |
304.47 |
|
Range |
302.21-306.20 |
|
USDA November |
304.42 |
|
Soybeans – MMT |
|
|
|
2021-22 |
|
Average est. |
104.13 |
|
Range |
103.00-105.20 |
|
USDA November |
103.78 |
|
Wheat – MMT |
|
|
|
2021-22 |
|
Average est. |
276.30 |
|
Range |
273.50-279.00 |
|
USDA November |
275.80 |
|
Cotton – million bales |
|
|
|
2021-22 |
|
Average est. |
86.74 |
|
Range |
86.00-87.30 |
|
USDA November |
86.93 |
