The week ahead in agriculture
Monday night sees the release of the latest crop condition ratings for corn, soybeans and spring wheat. The report will also detail winter wheat harvest progress.
Leaders of the Group of Eight (G8) countries meeting Tuesday through Thursday in Japan next week. While financial and economic issues will be on their agenda, a clear focus is expected on the world food price and supply situation. Many are calling for these key nations to do more to help the developing world cope with higher costs.
The monthly USDA Supply & Demand and Crop Production Reports will be released Friday morning, and that will be a late-week focus for markets. The production data will feature the first survey-based estimate of the U.S. total wheat crop for 2008. On the S&D side, traders will watch how the updated acreage figures from USDA will be blended into the balance sheets for corn, soybeans and wheat in particular.
There's a growing expectation that USDA will make an announcement after the July 11 S&D report on whether or not they'll allow Conservation Reserve Program (CRP) contract holders to exit those contracts early without penalty. The key to any announcement is if the penalty-free early out is allowed as many expect, how many acres will be offered that option to bring ground back into production for the 2009 growing season.
Leaders of the Group of Eight (G8) countries meeting Tuesday through Thursday in Japan next week. While financial and economic issues will be on their agenda, a clear focus is expected on the world food price and supply situation. Many are calling for these key nations to do more to help the developing world cope with higher costs.
The monthly USDA Supply & Demand and Crop Production Reports will be released Friday morning, and that will be a late-week focus for markets. The production data will feature the first survey-based estimate of the U.S. total wheat crop for 2008. On the S&D side, traders will watch how the updated acreage figures from USDA will be blended into the balance sheets for corn, soybeans and wheat in particular.
There's a growing expectation that USDA will make an announcement after the July 11 S&D report on whether or not they'll allow Conservation Reserve Program (CRP) contract holders to exit those contracts early without penalty. The key to any announcement is if the penalty-free early out is allowed as many expect, how many acres will be offered that option to bring ground back into production for the 2009 growing season.