WASHINGTON, April 9 (Reuters) – U.S. soybean exports will
hit a record 1.445 billion bushels this marketing year while
the corn surplus rises to 1.899 billion bushels, largest in
four years but smaller than traders expected, said the
government on Friday.
The Agriculture Department also reduced the size of the
2009 cotton crop by 2 percent, or 251,000 bales, to 12.15
million bales weighing 480 lb (218 kg) based on its final tally
of cotton ginnings. Traders had expected only minor changes in
the cotton supply and use.
USDA said strong export demand through March is projected
to carry U.S. soybean exports to a record 1.445 billion
bushels, 13 percent above the previous record set in 2008/09.
It was the eighth month in a row USDA boosted the forecast.
Ending stocks are forecast for 190 million bushels, a
three-week supply, compared with market expectations of 208
million bushels.
CHICAGO, April 9 (Reuters) – The U.S. Agriculture
Department on Friday estimated U.S. corn ending stocks in the
2009/10 season (Sept/Aug) at 1.899 billion bushels, compared
with an average trade estimate for 1.922 billion bushels and
the USDA’s estimate of 1.799 billion in March.
The USDA forecast soybean ending stocks at 190 million
bushels, compared with an average trade estimate for 208
million and unchanged from its March forecast of 190 million
bushels.