The US Department of Agriculture will on Friday reveal much-anticipated data on US crop inventories as of the start of September which, in showing disappearance over the previous three months, gives a fuller insight into demand than available from eg export, crush and milling data.

The USDA will also publish revised estimates for this year’s US harvest of so-called “small grains”, including wheat. Furthermore, it will revisit its estimates for US 2021 corn and soybean harvests.

Below expectations of what investors, as polled by Reuters, expect the reports to show.

 

Estimates for USDA data on US grain inventories, as of September 1
Crop Mean forecast Range of forecasts Stocks as of June 1 2022 Stocks as of September 1 2021
Corn 1.512 1.420-1.633 4.346 1.235
Soybeans 0.242 0.215-0.264 0.971 0.257
All wheat 1.776 1.663-1.844 0.660 1.774
Data in billion bushels

 

Market expectations for USDA estimates of US wheat harvest, 2022-23
Crop Mean forecast Range of forecasts USDA’s existing estimate
Hard red winter
0.573 0.555-0.581 0.576
Soft red winter
0.379 0.367-0.385 0.381
White winter
0.238 0.225-0.242 0.24
All winter wheat 1.191 1.165-1.204 1.198
Durum 0.074 0.068-0.076 0.074
Other spring wheat 0.514 0.503-0.525 0.512
All wheat 1.778 1.750-1.790 1.783
All data in billion bushels

 

Estimates for USDA data on US 2021 corn, soybean production
Crop Mean forecast Range of forecasts Existing USDA estimate
Corn 15.091 15.025-15.125 15.115
Soybeans 4.437 4.420-4.456 4.435
Data in billion bushels