USDA Set to Update U.S. Grain Stocks at 11 a.m. as Wheat Eyes Historically Tight Supplies
Updated
Updated · Pro Farmer · Jul 10
USDA Set to Update U.S. Grain Stocks at 11 a.m. as Wheat Eyes Historically Tight Supplies
3 articles · Updated · Pro Farmer · Jul 10
Summary
11 a.m. CDT is the key market trigger Friday, when USDA’s July WASDE will fold in last week’s acreage revisions and refresh U.S. corn, soybean and wheat stock estimates.
Analysts surveyed by Bloomberg expect corn stocks to edge lower from June on record demand, soybean stocks to rise on higher planted acres, and wheat stocks to fall after June acreage cuts.
Wheat is leading the pre-report rally, up 11 to 15 cents, while corn is called 1 to 3 cents higher and soybeans steady to 2 cents higher; September wheat is trading at fresh move highs.
Weather is adding support, with severe storms and heavy rain stretching from the central Plains eastward while Northern Plains heat is forecast to intensify, with some areas possibly reaching 110 degrees by Sunday.
World figures could still deliver the biggest surprise, as widespread global weather problems this growing season keep attention on USDA’s international balance sheets and wheat export outlook.