Wednesday, September 7th 2016
Courtesy of Brownfield Ag News
An ag economist says soybean consumption has exceeded USDA projections while consumption of corn has fallen slightly short. Darrel Good with the University of Illinois says the USDA had predicted soybean exports at just over one billion bushels in August. ood tells Brownfield the increase is because of issues in the South American soybean market which sent more business to the U.S. Looking at the corn projections, Good says USDA had projected feed and residual use of corn during the 2015-16 marketing year at just over five billion bushels. Based on the quarterly Grain Stocks reports, use during the first three quarters of the year totaled four and a half billion bushels. Good says the USDA’s quarterly Grain Stocks report will give a complete picture of total consumption of corn and soybeans. The report will be released on September 30th.