USDA ag export forecast

USDA ag export forecast

David Sparks Ph.D.
David Sparks Ph.D.
It was a record when we estimated it back in February. It's a higher record now. USDA chief economist Seth Meyer talking about the new USDA ag export forecast for this fiscal year, now projected at a record 164 billion dollars, up seven billion from USDA's last forecast three months ago, and an upward change of twenty eight billion dollars from last year. We can get two thirds of that change just by adding corn and soybeans together at about 20 billion of that twenty eight plus billion dollars. But the increases are showing up for many products, sending projected U.S. ag exports up 21 percent from last year. And Meyer says, as you might expect… China is going to make up about thirty five billion dollars worth of those US exports, far and a way, the number one U.S. destination for 2021. The surge in U.S. export sales coming despite the covid pandemic and commodity prices that have been rising for the last nine months. Usda is projecting a record large one hundred and sixty four billion dollars worth of U.S. exports in 2021. That's up a little over twenty eight billion from 2020. And a significant revision from the numbers that were published in February. And while we have an increase, also year over year in imports still remains a quite large positive trade balance in the United States. So imports at one hundred forty one point eight billion, up from one hundred and thirty three point two billion in 2020.
Previous ReportHealthy forests
Next ReportFarmland Prices