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
U.S. Production

Cotton

 

Production
(mil. bales)

Yield
(lbs. per acre)

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
U.S. Carryover

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
Global Carryover

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

 

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