USDA Releases Commodity Forecast Thursday

Markets are anxiously awaiting crop reports.

Normally the big item of interest in the December USDA World Supply and Demand report is how Southern Hemisphere crops are doing. However according to Agriculture Outlook Board Chairman Gerry Bange, this is not a normal year.

"This time I think there is going to be a lot of interest in what the interagency commodity estimate committees are saying about the domestic forecasts," Bange says. "Looking at what's been happening in wheat, corn, soybeans, and cotton; all of these markets have been very volatile in the last several weeks, and the question to many market observers of course is which way does USDA think these markets are going to go."

USDA has already slashed its 2009 ag export forecast. Thursday's report will have new price and export forecasts for individual crops.

"I won't speculate as to what will come out on Thursday," Bange says. "We'll be looking at all these markets again, and looking at export pace and prospects for the remainder of the year. And again the interagency commodity estimate committees will be making their best assessment of what we think the outlook is at that time."

TAGS: USDA
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