The goal for the 2014 corn crop is to rebuild exports to pre-drought levels of nearly 1.55 billion bushels. That would help hold 2014/15 corn carryover closer to 2 billion bushels.
Soybeans have enjoyed a two-year growth pace of 80 million bushels; that pace needs to continue. Another one-year gain of 40 million bushels would drive exports of 2014 soybeans close to 1.5 billion bushels, relieving the pressure on prices.
Despite a bigger corn crop in China, the country’s import needs continue to grow. The U.S. will maintain its "preferred supplier" status, but China will continue to import from Argentina, Ukraine and Brazil.