US AG Exports Huge
Despite sluggish sales of agriculture exports for much of the year due to the pandemic, the US may see record ag sales for 2020.
Bart Kenner, a USDA economist, compiled the total export sales of bulk commodities for the first eleven months of 2020. Kenner says the total export number through November comes to nearly $130 billion compared to the less than $125 billion for the same period in 2019. An increase of 4%.
Kenner: “Exports of wheat to date for the calendar year 2020 were $5.8 billion, compared to $5.7 billion this time last year for an increase of 1 percent. Exports of corn, $8.3 billion compared to $7.2 billion this time last year for an increase of 15%. Exports of soybeans $20.8 billion dollars compared to 16.6 billion this time last year for an increase of 25% and exports of cotton were $5.5 billion for a decrease of 4%.
Kenner says the total export value is the 2nd highest on record dating back to 1986. If the trend continues he says it’s not hard to imagine a record year for ag exports for 2020.
Kenner says an export slump started in March. Covid 19 caused ag exports to slip below year over year levels from April through September. He says October saw a rebound in part due to large purchases by China of US corn and soybeans.
Colorado’s top value crops are cattle and calves, dairy, corn, hay, and wheat. Colorado's agriculture exports in 2019 were $1.73 billion, down from a high of just over $2 billion in 2017.