USDA: Forecasts Shift to Soybeans
According to a report issued this month by the USDA, agriculture exports are continuing to grow steadily, with a focus shifting from corn to soybeans.
U.S. grain and feed exports are forecast at $29.7 billion, up $200 million from the November forecast, as higher wheat and rice exports more than offset a decline in corn. Corn exports are forecast at $8.5 billion, down $500 million on lower volumes, as U.S. exports continue to face strong competition from Brazil, Argentina, and Ukraine. Sorghum exports are forecast at $500 million, unchanged. Feeds and fodders are forecast up $100 million to $7.8 billion on higher unit values. Wheat exports are forecast at $6.4 billion, up $400 million on stronger volumes, which more than offset slightly lower unit values. Higher-than-anticipated global demand and reduced exports from key competitors (Argentina, Australia, and Canada) are expected to strengthen U.S. shipments. Rice is forecast at $2.0 billion, up $100 million from the November forecast on higher unit values to date and stronger shipments to the Western Hemisphere and the Middle East.USDA