USDA’s World Supply and Agricultural Estimates report released this morning will likely elevate new-crop corn prices. USDA lowered the 2010-11 U.S. corn carryout by 70 million bushels to 675 million bushels, mostly due to increased ethanol use.
“Corn used for ethanol is projected 50 million bushels higher on a higher-than-expected November final ethanol production estimate and weekly ethanol data that indicate record output for December and January,” wrote USDA in the report.
Imports of U.S. beef to South Korea rose sharply last year from one year ago, industry data showed Sunday, as the Asian country continues a three-month-long battle to contain foot-and-mouth disease (FMD).
According to the U.S. Meat Export Federation, South Korea imported 84,822 tons of U.S. beef in 2010, up 42.6 percent from one year ago.
Read more about beef imports to South Korea, courtesy of agweb.com.