US raises soy export forecast on robust China sales

 

 

The USDA on Friday (July 9) raised its overall US export forecast for the 2010-11 marketing year to 1.37 billion bushels, up from the June prediction of 1.35 billion bushels.

 

Higher US soy exports reflect increased import projections for China for 2010-11, the USDA said in its recent report. The 2010-11 soy marketing year begins September 1.

 

The USDA also raised its prediction for soy exports in the 2009-10 marketing year to a record high. The new forecast is for 1.46 billion bushels of soy exports, up from the June prediction of 1.455 billion bushels.

 

Sales to China also are responsible for the increase to the 2009-10 marketing year forecast, the USDA said. USDA, in its July supply and demand report, also raised its forecasts for overall Chinese soy imports in both the 2009-10 and 2010-11 marketing years.

 

China is now expected to import a total of 48 million tonnes of soy in 2009-10, up from the 47-million-tonne prediction the USDA made in June. The 2010-11 forecast for Chinese soy imports was raised to 50 million tonnes from 49 million tonnes.