In the September World Agricultural Supply and Demand Estimates (WASDE) report, the USDA forecast 2013-14 marketing year exports at 1.225 billion bushels for corn and 1.37 billion bushels for soybeans.

“The strong pace of exports and especially export sales so far this year has created expectations of larger forecasts in the WASDE report to be released on Nov. 8,” said Darrel Good, University of Illinois agricultural economist.

As of Oct. 31, the USDA reported that cumulative corn export inspections for the marketing year that began on Sept. 1 totaled 206.7 million bushels. Cumulative inspections were 30 percent larger than those of last year and represented 17 percent of the current USDA projection for the year.

Cumulative export commitments — exports plus unshipped export sales — as of Oct. 24 were reported at 808 million bushels. Those commitments were 88 percent larger than commitments of a year earlier and represented 66 percent of the USDA projection for the year.

“Compared to commitments of a year ago, commitments this year are 138 million bushels larger for China, 125 million larger for Mexico, and 88 million bushels larger for unknown destinations.  

“Sales to China represent nearly 22 percent of the total sales, compared to only 8 percent last year,” Good said.

 

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As of Oct. 31, the USDA reported that cumulative soybean export inspections for the marketing year that began on Sept. 1 totaled 338.5 million bushels. Cumulative inspections were 9 percent smaller than those of last year and represented 25 percent of the current USDA projection for the year.

Cumulative export commitments — exports plus unshipped export sales — as of Oct. 24, however, were reported at a whopping 1.184 billion bushels. Those commitments were 25 percent larger than commitments of a year earlier and represented 86 percent of the USDA projection for the year.

“Compared to a year ago, commitments this year are 160 million bushels larger for China and 51 million larger for unknown destinations. About 14 million bushels have been sold to Russia, compared to none last year. Sales to China represent 62 percent of the total sales compared to 61 percent last year,” Good said.