The supply, demand and price prospects for the major commodities are due out Tuesday morning. The Agriculture Department's Outlook Board is looking at factors both in the U.S. and around the globe that could affect the price forecast.
"We're getting well into the 2008-09 year as far as planting in the Northern Hemisphere so we're looking at that," says Outlook Board Chairman Gerry Bange. "We're looking at the crops wrapping up in the Southern Hemisphere and then of course we're looking at planting conditions in Australia, looking at weather conditions in Australia and other parts of the Southern Hemisphere so we've got a lot to look at in terms of making our price forecasts."
On the supply and demand side the corn situation will be under heavy scrutiny as cool, wet weather has delayed planting and development of the U.S. corn crop.