The 2021 harvests of U.S. #corn and #soybeans are seen changing very slightly in USDA's update next week. Corn yield is pegged unchanged at 177 bu/acre while soy yield is up 0.1 to 51.3 bu/acre. Harvested area for both is seen a bit higher.
The final set of trade estimates for USDA's enormous Jan. 12 data dump is the world ending stocks, which encompass all the U.S., South American and other adjustments. #Corn and #soybeans are seen down from last month but #wheat is seen slightly higher.
USDA chops 2021/22 #Brazil and #Argentina#soybeans by a combined 8 mmt, a lot more than analysts expected. Argentina #corn down 0.5 mmt but Brazil down 3 mmt.
Keep in mind, this is the only item from USDA's Wednesday set of reports that is a component of the 2022/23 balance sheets - everything else is 2021/22. USDA will tease their 22/23 outlooks late next month, but the first official 22/23 S&Ds are due in May.
All Wednesday's updates from the USDA trickle into here: world ending stock projections. #Corn came in below expectations and #soybeans well below based on losses in South America, but #wheat was a bit heavier.