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USDA set to release updated reports Tuesday

The USDA’s Outlook Board chairman says wheat numbers will be especially important in Tuesday’s reports.

Seth Meyer says USDA’s monthly crop report and supply and demand forecast will give a better idea of what the wheat crop in the U.S. is compared to the global situation.  “We’ll be looking around the world at wheat—Northern Hemisphere wheat—so we’ll be looking at Russia, Ukraine, European wheat.”

He says this year has been a fascinating one to follow.  “Weather concerns playing off against trade concerns and which one wins out the day tells you which way prices may be moving, then you’ll get really great crop conditions but there’ll be some news story about trade friction.”

Meyer says USDA does not base forecasts on what might happen with tariffs or anxiety in the market, but if the nervousness is seen in the marketplace, it is incorporated into projections.

USDA forecasts will be released Tuesday at noon eastern.