Due to USDAΆs release time for monthly WASDE reports of noon EDT, past press time, youΆll need to visit here for a special “REPORT ALERT” noon CDT tomorrow to see what the reports revealed and if there are any advice changes resulting. But hereΆs a preview of whatΆs expected:

ThereΆs a very wide range of estimates for USDAΆs first look at the 2013/14 balance sheet, which sets up prices for considerable volatility following the report. The average trade estimate for production is 15.5 million bales, down considerably from 17.3 million for 2012, but in a very wide range of 14.0 to 17.6 million.

On average, analysts expect USDA to put 2013/14 exports at 12.0 million, down from 13.0 million projected for the current marketing year, but again in a very wide range from 11.3 million to 13.7 million.

Projected ending stocks are the most important “bottom line” figure in any USDA balance sheet, of course. And thereΆs a huge range among analysts ahead of FridayΆs report here, too. On average, analysts are looking for 2012/13 ending stocks at 4.0 million bales, down from the projected 4.2 million for the current year. But with the huge range in both production and export expectations ahead of the report, the ending stocks estimates range from 3.3 million, which would be VERY bullish, to as high as 4.8 million, which would clearly be bearish.

Futures were again extremely volatile this week, but a major upside thrust on Wednesday broke the downtrend line and sets up a technical objective of testing highs at 89 in the December contract. (Check the website for WASDE results to learn if thatΆs still in the cards.)