USDA Crop Reports due out Friday, including a wrap-up on 2017 production, quarterly grain stocks, winter wheat seedings, and a review of South American production. A review of South America’s forecast from Seth Meyer and his USDA outlook board will be limited because of the timing of South American crops.
“The Brazilians… part of their crop would be approaching harvest for beans. Argentina probably does not have grain fill for most of the crop. Some of the crop still gets planted through mid-January, so it’s still going in. “
That’s for soybeans. As for corn in Brazil.
We have to think second crop for corn, so until those beans get out, and that corn gets in, we won’t have much information beyond expectations of area. Then yields are really make-or-break, depending on how extended the rainy season is at the end of the year.
Come noon Friday we’ll have a little more information on South America, mixed in with some uncertainty.