Analysts look for USDA to forecast the first-ever 4 billion-bushel U.S. soybean crop on Friday, along with possibly boosting the size of the record-setting corn crop. INTL FCStone says the soybean crop could total 4.066 billion bushels, said Reuters, 21 percent larger than the previous mark and up 4 from USDA’s estimate in September, based on a survey of customers and other factors. Informa pegs the soybean crop at 4.017 billion bushels, 3 percent larger than USDA’s figure. The record-setting corn and soybean crops are forecast to result in the lowest commodity prices in several years, which would reduce farm income and put a damper on equipment sales and land prices.
Statistics Canada lowered its estimate of the wheat crop to 27.5 million tonnes, down 1 percent from September’s estimate and lower than expectations of a 28 million-tonne harvest. Canada is one of the world’s largest wheat exporters. At 27.5 million tonnes, the wheat crop would be 27 percent smaller than last year’s bumper crop. Statistics Canada also cut its estimates for corn and barley, said AgriMoney, and the forecast of the canola crop, at 14.1 million tonnes, was smaller than expected. But, Statistics Canada said “soybean production could climb to a sixth consecutive high” of 6 million tonnes.