12/06/07 Wheat part of record forecast for U.S. ag exports

Farm and Ranch December 6, 2007 A record 91 billion dollars in U.S. agricultural exports is projected for fiscal year 2008. That is a significant jump above previous estimates and well above the record setting export numbers of fiscal 2007. Bulk commodities account for much of the increase in the projection by the USDA and department economist Nora Brooks say nowhere is that more evident than in the forecast for wheat exports. Brooks: "Wheat is by far the largest increase. We are raising the forecast there by 1.5 billion. Most of that is volume gain. We are now forecasting 28.7 million metric tons of wheat to be exported in 2008." Brooks says that export forecast could be revised as other countries begin grain production for the year. However; Brooks: "At this point in time we think that the grain export markets look pretty good for the U.S. in 2008." Over 50 percent of the U.S. wheat crop is exported annually. About 85 percent or more of Pacific Northwest production is exported. Production problems this past year have reduced or curtailed exports by other wheat exporting countries. The latest developments on that front include reports out of Russia that the government may impose a total ban on wheat exports once they reach 12.5 million metric tons as a ten percent export duty has not curtailed exports. That 12.5 million ton target could be reached in January. Argentina has lengthened the closure of its wheat export registry for an additional 15 days while frost damage assessments continue on its wheat crop. I'm Bob Hoff and that's the Northwest Farm and Ranch Report on the Northwest Ag Information Network.