From DTN Progressive Farmer:
7/9/2021 | 5:00 AM CDT
On Monday, July 12, USDA will release its latest supply and demand estimates at 11 a.m. CDT. Changes in July are apt to be small and, given USDA's lower-than-expected planting estimates from June 30, U.S. production possibilities will be limited.
CORN
Now that we've seen USDA's Acreage and Grain Stocks report from June 30, important pieces of this year's production puzzle are in place and future possibilities are limited moving forward. In the case of corn, USDA's 92.7-million-acre planting estimate is higher than the 91.1 million acres USDA started with, but not nearly as high as some were expecting.
Dow Jones' survey of analysts expects USDA to estimate 15.007 billion bushels (bb) of corn production in 2021, based on a little lower yield of 178.0 bushels per acre (bpa). I agree corn deserves a lower yield estimate, but I'm not convinced USDA will change its 179.5 bpa estimate, as it is early for the kind of hard evidence USDA prefers.
Dow Jones expects USDA to reduce old-crop ending U.S. corn stocks from 1.107 bb to 1.091 bb Monday and to reduce new-crop corn stocks from 1.357 bb to 1.309 bb. China has already bought 423 million bushels (mb) of new-crop corn from the U.S. and it will be interesting to see if USDA increases its export estimate of 2.45 bb. Ethanol demand in the current season is an entry with room to go 50 mb higher....
....MUCH MORE
Wheat up 1/4%; Soybeans up 1/2%; Corn up 1%.
