The latest USDA World Agricultural Supply and Demand Estimates (WASDE) report shows an uptick in U.S. corn and soybean exports.
The U.S. will export 1.9 billion bushels of corn in the year starting Sept. 1. That’s up 50 million bushels from the May forecast. Reduced corn production in Brazil and harvest delays in Argentina have improved the relative competitiveness of U.S. corn in recent weeks.
Farm gate prices for the next marketing year are on the rise, averaging $3.50 a bushel, according to USDA.
According to the report, the U.S. crop that will be harvested in late summer and fall is estimated at a record 14.430 billion bushels.
Soybean exports were also raised to 1.9 billion bushels from 1.885 billion in May, and the crop protection estimate was unchanged at 3.8 billion bushels.
The average soybean cash-price estimate is projected up to $9.50 a bushel from $9.10 in last month’s report.
The report also forecast total red meat and poultry production in 2016 and 2017 to be lowered from last month as higher feed prices dampen the rate of production growth.