US Exports Hit Record

Avatar for Matt Hopkins By Scott C. Lucas|27 November 2006

The forecast for maize exports was raised US $2.1 billion since August to a near-record US $8.9 billion due to strong prices bolstered by growing demand and tightening domestic supply. Domestic use for ethanol and overseas demand for feed remains strong.

Soybean export numbers were raised US $900 million and soybean meal and oil were also increased. The improved outlook for soybeans reflects higher prices, record crushing, slower production growth in South America, a record US crop, and increased demand from China.

The forecast for wheat exports was raised US $340 million to US $4.9 billion due to tighter world supply and reduced competition from Australia.