US corn exports need big boost to hit target

The pace of US corn shipments need to increase sharply if they are to meet the official forecast of two billion bushels.

The US appears to be on course to export enough corn to meet the USDA's estimation of a 142-million-bushel rise in exports in 2009-10, said University of Illinois farm economist Darrel Good.

Exports have already hit 1.21 million bushels for the marketing year, with more than six months left. On a weekly basis, sales need to reach only 26.6 million bushels for the rest of the season to hit target, one-third less than they have been averaging so far.

However, actual exports have failed to keep up, standing only 30 million bushels higher on a cumulative basis from the same time last year, an increase too small to keep them on track.

The pace of shipments will have to accelerate substantially to reach the projection, he added.

Soy exports are comfortably on track, in both sales and shipment terms, to hit an export estimate of 1.4 billion bushels. However, sales are likely to show a seasonal decline as record crops in South America enters the market.