NEW YORK (Commodity Online): US soybean and corn exports are expected to exceed the current estimates.
The exports is currently monitored for indications that shipments for the year might exceed current forecasts. Export prospects for corn are especially important since year-ending stocks are expected to be small.
According to Census Bureau, corn export estimates exceeded inspections by 23 million bushels through December 2011 and cummualtive 2011-12 marketing year export through February 9th was 741 million bushels.
For soybeans, the cumulative marketing year export totaled 794.4 million bushels through 9 February.While for December 2011, according to Census Bureau export where less than projected.
Meanwhile, the US soybean prices on Inter-Continental exchange (ICE) rose to the highest level in five months after the U.S sold 2.92 million metric tons to China.
For March delivery, in Inter-continental Exchange, the soybean traded at 1268 cents per bushel and corn traded at 635 4/8 cents per bushel on 21th February.
