Traders anticipate dramatic decline in US corn stocks in November USDA report — Agritel
Traders are cautious ahead of tonight's USDA report, which is expected to show a sharp downward revision in US corn stocks as a result of a sharp upward revision expected for exports to China, the Agritel consultancy reports.
"The USDA is also expected to revise downwards its production estimate for Ukraine still posted at 36.5 mln t last month, while Agritel analysts put it at just 30.5 mln t," the report reads.
It is noted that wheat stocks in the 8 major exporting countries are also expected to fall, according to Agritel analysts.
Related: Wheat Exporters from Ukraine in 1H 2020
The USDA reports that 91% of corn is harvested, compared to an average of 80% to date.
As of November 5, agriproducers in Ukraine harvested 18.6 mln t of corn, 69% of the planned areas. The crop yields 4.91 t/ha on average.