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Will the slowing recovery have an impact on the agriculture market, and therefore the food industry, and therefore food inflation?We’ll find out more today when the USDA’s WASDE (World Agriculture Supply and Demand Estimates) report comes out at 8:30 AM ET.

You’ll be able to download it here.

Corn, in particular, will be closely watched.

Here’s Morgan Stanley:

US old-crop corn balance seen easing slightly, new-crop to tighten. While we continue to model tighter 10/11 S/U than the USDA, we acknowledge the risks to 10/11 corn demand estimates in the WASDE remain neutral to bearish. With corn export shipments still lagging the pace needed to reach the USDA’s export estimate of 1.9 bln bu, we could see a downward revision to 1.85 bln bu in Thursday’s report. Nevertheless, we are leaving our estimate unchanged at 1.95 bln bu owing to on continued strength in old-crop export sales and our belief that China could still enter the market before the end of 10/11.

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