USDA Grain Trade Forecast

Grain

The US Department of Agriculture (USDA) has made a sharp upgrade to its Chinese corn import forecast for 2020/21 (Oct-Sep), up 6.5 Mt from January’s projection to 24.0 Mt. Chinese demand has been key to recent strong US export sales, with the USDA anticipating a record-high for US corn shipments in 2020/21 of 65.0 Mt. At 74.2 Mt, US soya (bean and meal) exports are also expected to reach a record high this year (Oct-Sep), with Chinese demand again a key factor.