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Iowa Ag Review

Abstract

The USDA projects U.S. corn exports to be a record 2.45 billion bushels for the 2007/08 marketing year. Soybean exports are projected to take up nearly 40 percent of the 2007 U.S. soybean crop, up from 35 percent the year before. This export boom has occurred in spite of signifi cantly higher crop prices. Corn prices averaged $3.04 per bushel for the 2006 crop; they are projected to average about $4 per bushel for the 2007 crop. The price movements for soybeans have been even more dramatic, with roughly a $4-per-bushel gain in prices over the past year. One of the major factors behind the strength of these crops is the weakness of the U.S. dollar.

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