Corn, soy exports heading in opposite direction
A market analyst suggests U.S. corn and soybean exports are heading in opposite directions.
Jeff Peterson with Heartland Farm Partners says corn projections look pretty good with export sales about 30 percent higher compared to a year ago.
“I’m talking crop year-to-date, starting on September 1st. And USDA has us coming out of the January WASDE report at about 26.4 percent higher (and) export inspections were north of 25 percent higher.”
And he tells Brownfield if there are production problems later this year in South America, U.S. corn exports are in a very strong position.
“Now, the opposite of that is soybeans. Soybeans, we’re at a different time, we’re coming into a period here where South America is harvesting the crop. And as you look at some of their offers from March through April, they are about $1.80 cheaper than what we are.”
Peterson says that will result in Brazil and Argentina picking up a lot of the business, and he could see U.S. soy exports falling as much as 15 percent from year-ago levels.