A wall of data will hit the grain markets at noon on Friday in Washington when the U.S. Department of Agriculture releases several major reports. In addition to its latest monthly World Agricultural Supply and Demand Estimates (WASDE), the agency will publish quarterly inventory numbers and its winter-wheat plantings report. Here are some things to look for.
Any price reaction on the day could be to the upside, as the consensus view in corn, soybeans and wheat is almost uniformly bearish following years of surplus supply. Hedge funds and other large speculators hold the largest bearish bet on grain prices before a January report since data began in 2006.