December 11, 2009

US corn exports forecast by 50 million bushels

US corn exports for the 2009-10 marketing year will be 50 million bushels less than previously expected, the US Department of Agriculture said Thursday (December 10).

The new forecast for US corn exports was set at 2.05 billion bushels, down from the USDA's November prediction of 2.1 billion bushels. The new corn forecast was released as part of the USDA's monthly World Agricultural Supply and Demand Estimates report.

"Corn exports are lowered 50 million bushels based on the slow pace of shipments to date and increased competition from larger supplies in Ukraine."

The USDA raised its forecast for Ukraine's corn exports to 5 million tonnes, up from the November forecast of 4 million tonnes.