The forecast for fiscal 1997 exports of U.S. wheat and flour is increased 1.9 million tons and 250 dollar million from the previous May forecast to 24 million tons valued at 4 dollar billion. The improved outlook is due to the increased pace of wheatshipments with foreign demand stronger than previously expected. In fiscal 1998, wheat and flour exports are forecast to rise 6.5 million tons and 600 dollar million to 30.5 million tons valued at 4.6 dollar billion. Rising wheat export volume should more than offset weaker export prices. A larger U.S. wheat crop forecast for 1997/98, and smaller exportable supplies from Canada, Australia, and Argentina underpin the improved outlook. The fiscal 1997 forecast for coarse grain exports is reduced 600,000 tons from May's forecast to 52.2 million. Lower estimates for corn and sorghum shipments were only partly offset by higher barley estimates. Coarse grain export value remains unchanged at 6.9 dollar billion. Corn exports are now forecast at 46 million tons valued at 6.1 dollar billion. Reduced prospects for U.S. corn and sorghum shipments are mainly due to lower U.S. exports to Mexico and an increase in China's corn exports to Asian markets. Fiscal 1998 coarse grain exports are expected to rise 6 milliontons and 600 dollar million to 58.2 million tons valued at 7.5 dollar billion. This improved outlook is due to an increase in corn export volume, since prices are expected to remain firm and little change in export volume is expected for the other coarse grains. Although a slightly reduced U.S. corn crop is forecast this year, rising foreign demand and reduced competition from Argentina and China should favor increased U.S. corn shipments. The fiscal 1997 forecast for U.S. rice exports remains unchanged from May's forecast at 2.5 million tons valued at 1 dollar billion. Fiscal 1998 U.S. rice exports are forecast to rise 200,000 tons to 2.7 million tons, but lower export prices are expected to leave export value unchanged. A 6-percent rise in U.S. riceproduction forecast for 1997/98 is expected to increase supplies available for domestic use and export. The fiscal 1997 forecast for U.S. exports of oilseeds is reduced 300,000 tons from May's forecast to 33 million tons due to a downward revision in soybean shipments. Stronger than expected 1996/97 South American soybean exports curbed U.S. shipments. Total oilseed export value, however, remains unchanged at 10.8 dollar billion, mainly due to somewhat stronger soybean meal prices.
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