UPDATE 1-ADM says late Brazil soy crop to boost US exports

* US soy exports to benefit from late Brazilian crop

* US corn price competitive, but some sales have been lost

* Strong US ethanol demand supported by exports

CHICAGO, Nov 2 (BestGrowthStock) – Late soybean seeding in Brazil
due to adverse planting weather will delay the harvest in the
key soybean exporting country and bolster U.S. exports of the
oilseed, the vice chairman of U.S. agricultural processor
Archer Daniels Midland (ADM.N: ) said on Tuesday.

“We’re seeing very strong export interest business out of
the United States starting with the last month and we expect
that to keep going forward,” said John Rice, ADM’s vice
chairman and executive vice president of commercial and
production.

“The Brazilian crop, with too much rain in some areas and
not enough rain in other areas, the crop is being delayed a
little bit so we should see the export interest out of the
United States go a little longer this year than normal.”

Soybean exports from the United States, the world’s top
supplier of the oilseed, normally are heavily concentrated in
the first half of the September-August marketing year while
South American exports tend to dominate from March forward.

Dry weather in Brazil, the world’s No. 2 soybean exporter,
delayed soybean seeding in key areas such as top soy state Mato
Grosso by up four weeks this year so supplies may not be
available for export as early as in past years.

U.S. corn exports remain competitive in the world market
despite the recent surge in prices, although some export sales
have been lost to competing suppliers, Rice said, without
identifying the competing exporters.

“We are competitive in the world on corn exports right now,
but there are other areas of the world that are taking some of
our corn export sales. Right now it looks like we could have a
fairly tight corn balance sheet here by the end of the year,”
Rice said.

Meanwhile, demand for U.S. ethanol is strong, helped by
good demand for exports of the corn-based biofuel.

“We’re about 20 cents a gallon cheaper than Brazil when it
comes to exports” of ethanol, Rice added.
(Reporting by Karl Plume; Editing by David Gregorio)

UPDATE 1-ADM says late Brazil soy crop to boost US exports