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 |