Parade of Private Estimates

FCStone released their production estimates Wednesday afternoon, providing the first of many estimates to be released before USDA weighs in next Friday.

FCS's corn estimate was 12.644 bil bushels, a 148 bpa. This was certainly below the general trade expectation for their report.

FCS's soybean estimate was 2.681 bil bushels, a 42.4 bpa. This was on the upper end of trader expectations.

It is important to remember the August estimates, both private and USDA, are often far removed from final production figures. August weather is important to final yields and traders will quickly shift more focus to weather developments than to any private or USDA production estimate in August.

Informa is expected to release their estimates Friday morning at 10:30 cst. Most expect them to be higher than the FCS numbers.

The Linn Group will release their estimate sometime Friday as well.
Published Thursday, August 02, 2007 8:49 AM
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