The new forecasts of supply and demand will be released on Friday, and according to World Outlook Board Chairman Gerry Bange, we know the situation for most of the countries north of the equator.
"A primary focus of course this month will be heavily what's going on in the Southern Hemisphere," Bange says. "We'll look very, very closely as we always do at Australia, Brazil, Argentina, and South Africa to see what's going on in those countries. This also has implications with regard to our estimates of corn or wheat exports."
Commodity price forecasts will be included in Friday's report; of course most of last season's crops have been sold already.
"But we've seen prices of late basically skyrocketing for many commodities," Bange says. "So the question will be, 'What will the impact of these price increases be'?"