World grain and oilseed prices were slipping early this week after the United States Department of Agriculture increased its forecast for corn and oilseed production.
In its monthly forecast on Nov. 10, the USDA forecast U.S. corn production at 265.2 million tonnes, up about one million tonnes from last month.
As was the case last month, analysts were surprised by how much corn the department thinks China will export. The USDA boosted its estimate to 4 million tonnes, up from 2.5 million last month. Also, the economic disruptions in Asia led the department to lower the amount of corn several Asian countries are expected to buy. This caused the department to lower U.S. exports to 48.9 million tonnes, down from 51.4 million. Ending stocks were raised to 23.6 million tonnes, from 19.8 million in October.
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It boosted its U.S. soybean production estimate to 84.7 million tonnes from 84.2 million in October, but due to increase use and exports, it pegged stocks going into the 1998-99 crop year at just under 8 million tonnes, down by 330,000 tonnes.
U.S wheat production was unchanged, but slightly higher feed use dropped the year end stocks to 17.83 million tonnes.
Globally, the USDA raised wheat production to a record 603 million tonnes, up about 2.5 million tonnes from October, due to better production prospects in Australia, Russia and the countries of the Former Soviet Union.
