USDA will release crop supply and demand estimate on Monday, but for U.S. crops there aren't any surprises expected because of the unprecedented re-issuance of the October Crop Report a few weeks ago to correct errors that were in the original report. Also Agricultural Outlook Board Chairman Gerry Bange says most crops in the Northern Hemisphere are pretty well locked in.
"So much of our attention over the next week or so will be directed toward the Southern Hemisphere," Bange says. "We'll be looking very closely at countries such as Argentina, Brazil and Australia. We're pretty early in the crop stage yet, some of these crops are just being planted so we've got a long way to go there and we'll be looking at our numbers to make sure we're giving a good and factual representation of what's going on there."
Crop estimates will be released Monday at 7:30 a.m. CST.