A slide in US corn exports is not as serious as it appears, reflecting the vagaries of in Japanese orders rather than an underlying fall in demand, a leading farm academic has said

While Washington believes American corn exports will jump by 250m bushels to nearly 12.9bn bushels over the next year, they are thus far running 60m bushels behind.

Exports for 2009-10 had hit 284m bushels by August 20 compared with 344m bushels a year before, US Department of Agriculture data showed.

Many traders have cited this slide in export demand as a reason behind the fall in corn prices which have dropped 30% from a year-high hit at the start of June.

'Consistent importer'

However, this slide in exports was down to a drop in Japanese orders which should reverse as Tokyo engages in a period of catch-up, University of Illinois economist Darrel Good said.

"A slower start to Japan's buying program is not a concern," he said.

"Japan is the largest and most consistent importer of US corn, but the timing of their purchases varies each year."

Sales to other destinations were larger than at the same time last year.

'Modest' price rise

Mr Good added that consumption of US corn – and soybeans - looked like reaching a record high in 2009-10, as USDA forecasts have suggested, adding that the impact on prices would depend on the extent of economic revival in America and the world.

"If recovery does occur, a modest increase in prices would be expected following the harvest of large crops," he said.

Chicago corn for December delivery stood at $3.12 a bushel in late trade in New York on Tuesday, down 3.75 cents on the day and nearly $1.40 a bushel from a year-high hit three months ago.