Looking ahead to Monday's reports
On Monday, USDA will release its monthly Crop Production and World Agricultural Supply & Demand Estimates (WASDE) reports, and early expectations are that the numbers will lead to a tighter marketplace for corn, soybeans and wheat.
Analysts see a shrinking corn harvest this fall as well as tighter soybean supplies, also driven by a smaller bean crop this year. Wheat supplies are also expected to decline, but more from an increase in the amount of wheat fed to livestock in the last few months when corn prices have been surging.
In the meantime, Friday's corn and soybean trade closed Friday slightly higher in anticipation of lower crop numbers that fundamentally point to a higher market after the reports are released Monday morning. One trader said Friday the reports will be "friendly almost no matter what," according to a Dow Jones Newswires report.
- Read more: Traders await Monday USDA reports
- Talk: What do you think?
- See a full recap of estimates ahead of Monday's numbers
Not everybody feels that way, though. Farmers say they think what USDA reports Monday could be "inconsequential" and that the market already has the tight supply picture and smaller corn and soybean crop sizes factored in to the trade.
"The market just might have Monday's report dialed in," says Agriculture.com Marketing Talk senior contributor p-oed Farmer.
Here's some of the latest analysis of the numbers looking ahead to Monday. Look for full coverage of the reports Monday morning when they're released at 7:30 AM CDT.