U.S corn export inspections well behind USDA estimate
An ag economist says U.S. corn export inspections will have to pick up to meet USDA expectations, even with a recent downward adjustment in UDSA’s latest global supply and demand report.
Ben Brown with the University of Missouri said the only sizable adjustment in the report came to old crop corn export expectations dropping 50 million bushels.
“That increases old crop ending stocks, that increases new crop beginning stocks,” he said. “They didn’t make any other changes to demand for new crop, and so, that increased the new crop carryout as well.”
He tells Brownfield U.S. export inspections have been running behind USDA estimates by about 125 million bushels for the last couple of weeks…
“And lowering it 50 million bushels certainly gets it closer,” Brown said. “But I would contend that maybe we could see another revision for corn exports in the near future as well.”
Brown says Tuesday’s sale of nearly six million bushels of corn is a positive sign.
Brown made his comments on Brownfield’s recent Weekly Commodity Market Update.