US Ag Exports Up
More American agriculture is making its way overseas.
Economists have raised their export forecast again to a whopping $164 billion --$ 28 billion more than last year.
Meyer: “ We can get about ⅔ of that change just by adding corn and soybeans together at about $20 billion of that $28 plus billion. It was a record when we estimated it back in February, it’s yet a higher record now.”
Seth Meyer, Chief Economist at the Agriculture Department.
He says the increases were led by corn, soybeans, and nice hikes for livestock, poultry, and dairy products.
Dairy exports are forecast at $7.0 billion, up $500 million due to higher volumes and unit values, especially for skimmed milk powder and whey and whey products.
The forecast for pork exports is up $400 million, on higher unit values and recovering demand.
Beef and veal, beef and pork variety meat, poultry, and product exports are projected up $200 million each.
Cotton exports are forecast up $200 million on higher volumes.
The forecast for horticultural exports is reduced by $400 million to $34.1 billion due to lower tree nut values.
Total ag exports are projected to be up 21% over last year.