USDA August crop reports this week
Attention on USDA’s first survey-based look
at the corn and soybean crops is greater than
normal as traders wait to see how low USDA
will go with its initial crop estimates.
Persistent drought conditions have greatly
trimmed yields. But yield is only one factor in
the total production equation. Another key is
how much USDA reduces harvested acres. In
June, USDA estimated harvested corn acres
at 88.851 million. That figure will be lower,
some feel significantly lower. In June, USDA
estimated harvested soybean acres at 75.315
million acres. USDA surveyed both planted
and harvested bean acres for August.
What NASS does with its Aug. 1 corn and
soybean crop estimates will largely determine
how aggressive the World Board must get
when cutting 2012-13 usage projections for
corn and soybeans.
No change in report times anticipated
The public comment period USDA sought
on report release times is closed. USDA
could change the time it releases key report
data, but our contacts signal that is not likely
ahead of the Aug. 10 reports.