We now have an official starting point for new crop supply and demand projections. While Friday’s USDA report held little in the way of market moving surprises, it did provide some great insight into what the economists at the USDA see happening in the global market structure now through August of next year.
US crop years run from September to September for most everything but wheat, that has a June to June marketing year. For traders the crop being planted now is considered new crop, with its official marketing year kick off September 1st. However, we start to analyze the new crop carryout outlook well before that. The USDA first provides a broad glimpse at their expectations for the year ahead in their February forum figures, then again with a more developed analysis in the numbers released Friday.
