Crop Production Report [3/10/2010]

WASHINGTON, March 10 (Reuters) – U.S. soybean exports are headed for a
record 1.42 billion bushels, the government said Wednesday, and heavy
domestic use of the oilseed will reduce the stockpile to a scant 190
million bushels this summer, slightly less than analysts had expected.
The Agriculture Department lowered its forecast for U.S. corn exports
by 100 million bushels to 1.9 billion bushels in the face of large crops
around the world and more competition for sales.
A special survey of states where rain and snow delayed last fall’s
harvest resulted in tiny adjustments in U.S. production. USDA pegged the
corn crop at 13.131 billion bushels, down 20 million bushels, and soybeans
at 3.359 billion bushels, down 2 million bushels.
Both crops are record-large, however.
“Soybean exports are raised 20 million bushels to a record 1.42 billion
bushels, reflecting the strong export pace to date,” said USDA in a monthly
update of crop output and use.
China, the world’s largest soybean importer, is forecast to buy 14.5
million tonnes this marketing year and replace the United States as the top
soybean consumer.
USDA said the U.S. soybean stockpile would shrink to 190 million
bushels before this year’s crop is harvested — a three week supply.
Analysts expected a figure of 194 million bushels.
The wheat stockpile will hit 1 billion bushels this summer, the largest
carry-over since 1.26 billion bushels in 1987/88, according to USDA. The
corn carry-over would be 1.799 billion bushels, the largest since 2005/06.
(Reporting by Charles Abbott; Editing by John Picinich)