July 20, 2006
US corn exports up by 214 million bushels on-year
The cumulative inspected corn export total for the 2005-2006 marketing year stood at 1.646 billion bushels as of June 29th. That amounted to 214 million bushels more than last year¡¯s total for the same report date, according to the USDA.
Meanwhile, corn crop forecast was at 149 bushels an acre on average for 2006. With carryover stocks of 2 billion bushels and production of 10.74 billion bushels, stocks are likely to decline to only 1 billion bushels by September 1st of 2007.
Corn for feed is estimated at 6 billion bushels for 2006-2007 while corn for ethanol is at 2.15 billion bushels. Corn for human consumption, seed, and other industrial use adds up to 3.535 billion bushels.
USDA said the price range for cash corn would be from US$2.25 up to US$2.65 for the 2006-2007 marketing year.
Wheat inspected for export as of the June 29th report was 13.9 million bushels. That brought the current marketing year total up to 62.6 million bushels.
Soy inspections for the June 29th report showed 8.1 million bushels checked. A year ago, the total was 5.1 million bushels. The cumulative total for soybean exports for the 2005-2006 marketing year was 834.1 million bushels.
There are 9 weeks left in the current marketing year. The soybean and corn marketing year runs from September 1st through August 31st while the wheat marketing year extends from June 1st through May 31st.
As for soy during the 2005-2006 marketing year, the national average yield was 40.7 bushels an acre. That would mean production of 3 billion bushels.
Soy domestic crush is forecasted at 1.75 billion bushels.
That means a little over 1 billion bushels for exports. Roughly 160 million bushels of soy would be for seed and residual use, thus making total usage at 2.998 billion bushels.
Ending stocks would be 560 million bushels a year from September 1st of 2006. The cash price range for the July 12th report extends from US$5.00 up to US$6.00 a bushel.
