IGC Lowers US Soyabean Export Forecast
The International Grains Council (IGC) has reduced its forecast for US soyabean exports in the 2015/16 harvest year (Oct-Sep) to 45.6 Mt (down 1.3 Mt) on tighter supplies and increased competition from South American producers. Predicted Argentine and Brazilian soyabean exports for the same year have been raised by 0.4 Mt and 2.0 Mt, to 10.0 Mt and 54.5 Mt, respectively. The IGC has lifted its forecast for Black Sea wheat exports in 2015/16 (Jul-Jun). The cut in the country's wheat export tax sees predicted Russian exports raised by 0.5 Mt to 23.6 Mt while Ukrainian exports have been raised by 1.3 Mt to a record 14.0 Mt. In contrast, the forecast for Ukraine's corn exports in 2015/16 (Jul-Jun) is cut by 1.0 Mt to 16.0 Mt on a weaker outlook for production.