From Agrimoney:
Will 'mundane' Wasde actually prove a market mover?
The November version of the US Department of Agriculture's Wasde report is, by repute, one of the less important editions of the benchmark monthly crop briefing.
"By this time of year, we usually know a lot about the crop already," Don Roose, president of Iowa-based broker US Commodities, said.At Chicago-based Allendale, Rich Nelson, chief strategist, said: "Historically, the November report is a bit of an interim report," between the October edition - which brings important yield data based on actual crop findings, rather than assumptions based on the likes of rainfall and temperatures – and the January Wasde, which publishes final numbers.For the November Wasde, the USDA uses data from some 11,000 farmers, and for the January report from 60,000.'Still some uncertainties'However, the November Wasde, on Monday, looks like being no formality, with analysts' expectations of the report differing significantly for many of the key variables....MORE
Forecasts for 2014-15 corn in Wasde report, (existing figure)
US yield: 175.23 bushels per acre, (174.2 bushels per acre)
Range of estimates: 171.4-178.6 bushels per acre
US ending stocks: 2.135bn bushels, (2.081bn bushels)
Range of estimates: 1.850bn-2.282bn bushels
World ending stocks: 192.77m tonnes, (190.58m tonnes)
Range of estimates: 185.6m-194.18m tonnesSources: USDA, ThomsonReuters
Corn is down a penny at 366'4; wheat down 1'6 at 512'6.
