USDA raises corn export estimate, cuts forecast for ethanol use
By Daniel Enoch
© Copyright Agri-Pulse Communications, Inc.
WASHINGTON, March 10, 2015 - U.S. corn exports will reach 1.8 billion bushels in the 2014-2015 market year, up 50 million bushels from the February forecast, USDA said today in a monthly report.
USDA cut its estimate for ethanol usage by 50 million bushels from February to 5.2 billion bushels and revised its forecast for ending stocks to 1.777 billion bushels, also down 50 million bushels. The department left unchanged its prediction for a record crop of 14.216 billion bushels.
Cash corn prices will average $3.70 a bushel, a nickel higher than forecast in February, USDA said.
U.S. soybean supply and use projections were mostly left unchanged, including ending socks forecast at an eight-year high of 385 million bushels.
Projected U.S. wheat ending stocks for 2014-2015 were reduced 1 million bushels to 691 million bushels due to increased seed use based on the 2015 planted acres projection.
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