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11 March 2010 at 16:35 IST
US likely to export record soybean in current season
MUMBAI (Commodity Online): US is expected to export 20 million more bushels of soybean to a record level of 1.42 billion in the 2009-10 marketing year as against the previous estimation due to the higher demand, said USDA in a report.
USDA in its monthly World Agricultural Supply and Demand Estimates report pointed out that its 2009-10 soybean ending stocks forecast has been lowered to 190 million bushels, 20 million less than was predicted a month ago.
A month ago, the USDA predicted U.S. soybean exports at 1.4 billion bushels. The USDA on Wednesday also lowered its production estimate for last year’s soybean crop, but only by 2 million bushels.
U.S. farmers are now expected to have harvested 3.359 billion bushels of soybeans, down from the February estimate of 3.361 billion bushels.
The production estimate change resulted from new acreage surveys of farmers in Georgia, North Carolina, South Carolina and Virginia, the USDA said in a separate crop production report also released Wednesday.
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