February 9, 2012

USDA WASDE Report Expects Higher Corn Exports

The USDA WASDE report (World Agriculture Supply and Demand Estimates) came out today with expectations that corn exports will rise and feed grain stocks will be lowered. Exports are being raised due to the production problems seen in Argentina. The country has been hit with drought conditions throughout the growing season which affected the corn crop. Argentina’s corn production has been lowered 4.0 million tons to 22 million tons, which mainly has been attributed to the high temperatures and dry conditions that came during the pollination period. However, some of the late planted corn in the country may help offset some of the losses but there still will be a decrease in production numbers.

U.S. corn exports to other countries is projected to be 50 million bushels higher, leaving ending stocks 45 million bushels lower at 801 million. As of now, Canada is planning on reducing its imports of corn; however, the EU is planning on raising its imports of corn which will offset the reduction in Canada’s imports of corn. The projected range for the season average farm corn price is narrowed by 10 cents on both ends leaving the range to be between $5.80 and $6.60.

 If you would like to get the latest corn prices, click here. You can also find more information about corn production in Nebraska by visiting the Nebraska Corn Board website.

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