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Abstract:Prospects for the U.S. grain and soybean crops have improved since the first USDA projections for 1999/2000 production in May. July projections for combined grain (excluding rice) and soybean production put this year’s crop at 15,958 million bushels, up 2 percent from earlier expectations and 1 percent above last year’s total. The largest expected carry-in stocks in 6 years will put 1999/2000 available grain and soybean supplies at 19,581 million bushels, up 4 percent from 1998/99 and at their highest level in more than a decade. Grain and soybean use in 1999/2000 is also projected up, at a record 15,803 million bushels, up 2 percent from 1998/99. Use is expected to increase in 1999/2000 because of stronger domestic demand for processing and milling. Wheat and soybean exports are expected to rise in 1999/2000, while corn exports are expected to match 1998/99 levels. Increases in domestic and export demand suggest increased demand for transportation over the next year. Stronger exports in recent months have already boosted demand for barge and rail transportation.
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