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USDA Revises Global Grain and Soyabean Trade Forecasts
In its latest report, the US Department of Agriculture (USDA) has revised up its forecast for Chinese soyabean imports in the 2017/18 market year (Oct-Sep) by 2.0 Mt to a record 97.0 Mt, citing the expectation of higher soyabean crush driven by increased domestic feed and vegoil consumption. The USDA has also lifted the forecast for US corn exports in 2017/18 (Jul-Jun), by 1.5 Mt to 48.5 Mt, to reflect strong sales and improved competitiveness. However, this would still be well below the 55.5 Mt shipped in 2016/17.