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Key insights from upcoming USDA report

Nov 08, 2024
By Farms.com

Minor adjustments expected in corn and soybean stocks
This week, the agricultural sector anticipates the USDA’s November Crop Production Report, which will update the market on the latest corn, soybean, and wheat production figures. While minimal changes are expected for U.S. corn and soybean yields, significant updates are predicted for global wheat stocks.

The corn segment might see a slight production cut ranging from 15 to 25 million bushels, with U.S. ending stocks projected to decrease by about 50 million bushels. Analyst estimates, however, show a broad range of expectations, suggesting some uncertainty in the market.

Soybeans are predicted to hold steady in production compared to last month’s data, totaling 4.557 billion bushels. Nonetheless, a modest drop in ending stocks to 532 million bushels reflects a cautious outlook from market analysts, who estimate stocks could vary significantly.

On the global stage, wheat production is under scrutiny, with potential reductions due to lower crop forecasts from various countries. The USDA might lower its global wheat ending stocks forecast by 0.93 mmt to 256.79 mmt, responding to changing agricultural conditions worldwide.

The domestic harvest for corn and soybeans is wrapping up effectively, with most crops already collected despite recent weather challenges that have slightly delayed finishing the harvest but have been beneficial for other crops.

Further influencing agricultural markets are macroeconomic factors, including the U.S. Federal Reserve’s latest interest rate decision and significant economic policy discussions in China, both of which could sway agricultural economics and global market trends in the coming months.


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