USDA Defends Corn Estimates
Figure surprised analysts given corn sales to China have already outpaced USDA's estimate
The U.S. Department of Agriculture on Wednesday defended its latest monthly forecast of China's corn imports, a figure that surprised analysts given that corn sales to China have already outpaced the USDA's estimate, reports KFGO.
"Keep in mind that export sales ... do get canceled at times," said Mark Jekanowski, chairman of the USDA's World Agricultural Outlook Board, speaking at an online meeting for users of USDA data.
The USDA in its Oct. 9 World Agricultural Supply and Demand Estimates (WASDE) report left its forecast of China's corn imports in the 2020/21 marketing year at 7 million tonnes, matching its forecast for 2019/20 and unchanged from its previous monthly report.
Weekly USDA export data shows that sales of U.S. corn to China for the 2020/21 marketing year begun Sept. 1 reached 10.5 million tonnes by Oct. 15, although actual shipments totaled only 1.7 million tonnes.