Wheat exports are tracking projections, but may have the potential to exceed
them in the future. The Black Sea
region has been contending with drought conditions that are diminishing their
wheat crop potential. This has
surfaced speculation that Russian wheat exports may slip to 15.3 million tons in
2010/2011. As a result, this could
shift additional export business to the United States.
Soybeans export shipments
since last fall have been running above USDA projections.
The pace started to cool early this spring as business shifted to South
America, but is now showing signs of picking back up.
Corn exports have picked
up since this spring and have been able to track projections.
The recent uptick in business has been contributed to the unexpected
dealings with China. However, the
unknown going forward will be if China will remain a regular buyer of U.S. corn
and soybeans.