Little Change In Crop Numbers Seen
The grain trade does not expected to see much change in the U.S. corn and soybean production numbers when USDA releases its final 2004 crop report this week.
Trade estimates of corn production average 11.753 billion bu. in a range from 11.680-11.831 billion bu., vs. USDA’s Nov. 1 estimate of 11.471 billion bu., according to a survey done by Dow Jones News Service.
Estimates of soybean production average 3.149 billion bu. in a range from 3.123-3.180 billion bushels, versus USDA’s Nov. 1 estimate of 3.150 billion bushels.
In recent years, USDA’s production estimates have tended to fall slightly in the January report.
The final corn production number has been lower than the Nov. 1 estimate in five of the past six years, while the January soybean number has been lower eight of the past nine years.
Editors note: Richard Brock, The Corn and Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.
To see more market perspectives, visit Brock's Web site at www.brockreport.com.