In its latest world agricultural supply and demand report, the U.S. Department of Agriculture (USDA) increased its estimates for U.S. corn, soybean and wheat exports. Corn export estimates were increased by 150 million bushels to 1.61 billion bushels resulting in end-stocks projected to be reduced from 1.631 million bushels to 1.481 million bushels. Domestic corn usage remains steady at 11.7 billion bushels including 5 billion bushels for ethanol production. Reduced corn exports from foreign countries are expected to reduce competition for U.S. corn on the global market. U.S. soybean exports are projected to be a record 1.51 billion bushels – up 15 million bushels from previous estimates, with ending stocks estimated to be unchanged at 150 million bushels. Higher soybean meal exports will be offset by lower domestic use leaving soybean crushing unchanged at 1.7 billion bushels. Soybean production from Brazil is expected to be a record 90 million tons and soybean production from Argentina is expected to be reduced to 54 million tons because of drought conditions through January. U.S. wheat export estimates are increased by 10 million bushels because of logistical problems in Canada slowing shipments, a projected food-use increase of 10 million bushels, and a reduction in estimated shipments from Australia during the July-June world trade year.
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