March 13, 2013

US corn exports fall on tight competition

In its latest World Agricultural Supply and Demand Estimates (WASDE) report, the USDA surprised the corn market by raising its estimate for use by livestock farmers, resulting in tighter-than-expected stocks.

The USDA raised its estimate for US feed use by 2.5 million tonnes due to higher poultry production. Projected US ending stocks were unchanged at 16.1 million tonnes, with corn imports raised by 635,000 tonnes and corn exports lowered by 1.9 million tonnes due partly to stronger expected competition from South America.