12/16/08 USDA revises ag export forecast

The US Department of Agriculture did not change its wheat export projection in the December supply and demand report but it did make some wheat class adjustments. USDA increased the forecast for hard red winter and soft red winter wheat by five million bushels each but it cut the white wheat export projection ten million bushels from last month. USDA has lowered it overall ag export forecast for this fiscal year by 14 and a half billion dollars. The reasons for that; lower commodity prices and the sluggish global economy. However, there was no sign of slowdown in October, the first month of the fiscal year and USDA economist Nora Brooks says in the first ten months of this calendar year US ag exports totaled 97.9 billion dollars. BROOKS "Which is about 37 percent higher than the same time last year. We have a new record set for October. October exports went to 10.6 billion which is up 17 percent over September's nine billion." Brooks says five commodities are leading the way in US export growth. BROOKS "Wheat, corn and soybeans. There are also large shipments of red meat and dairy products. We had red meat volume up about 45 percent and non-fat dry milk is up 77 percent." So the export pace is still going strong, at least at this point. Today's Idaho Ag News Bill Scott