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, though a bigger focus will be changes to the South American crop forecasts.

USDA-corn-unloading-harvest.jpg
USDA-corn-unloading-harvest.jpg

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
U.S. Carryover

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
Global Carryover

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
Production

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