U.S. 2010/11 corn export forecast reduced

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U.S. corn exports for 2010/11 are reduced 1.5 million tons to 48.5 million (down 50 million bushels to 1.9 billion for the local marketing year). The pace of sales and shipments in recent weeks has not supported the previous forecast. According to Census data, October 2010 to March 2011 corn exports reached 21.7 million tons, down 3.5 percent from the previous year. Grain Inspections data for April 2011 indicate shipments of 4.2 million tons, slightly above a year ago. As of May 5, 2011, outstanding export sales reached 11.4 million tons, up slightly from 11.1 million a year earlier. Future export sales are not expected to offset the slow pace of export shipments during the first months of the trade year. Several competitors are exporting more corn than previously expected. Argentina’s 2010/11 trade year exports are increased 1.0 million tons this month to 14.0 million as the Government is expected to make additional export quota available. Canada’s corn exports are increased 0.6 million tons to 1.6 million based on the strong pace of shipments. Ukraine’s corn export prospects are raised 0.5 million tons to 6.0 million as export restrictions are in the process of being raised. Serbia’s corn exports are up 0.3 million tons this month to 2.0 million based on recent shipments.

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