Subscriptions to the printed version of this report are available from the ERS-NASS order desk. ERS-NASS accepts MasterCard and Visa. The export gain in June is only 1 percent over May's value. Continued low prices and foreign export competition are largely responsible. May. Corn shipment volume to date is 2 million tons, or more than 5 percent, behind 1999.
Volume is significantly lower to Mexico, Venezuela, Egypt, and China.
Depressed corn prices reflect an excess of exportable production over import demand. Argentina and especially China have significantly increased corn exports. Low wheat prices, almost half those of 1996, are responsible for the much-reduced export earnings. The largest U.S. export volume declines are to China, Russia, Venezuela, South Korea, Nigeria, and Indonesia. Many of these countries' exchange rates have depreciated against the dollar, reducing their purchasing power.