News

New ag export forecast

The USDA has lowered its ag export forecast for this fiscal year on most products but Rob Johansson says it’s still higher than last year.

“U.S. exports of agricultural products are estimated for Fiscal 2020 at $136.5 Billion. That’s down $3-Billion from our estimate in February.”

That’s a billion dollars more than in 2019. He says trade prospects for U.S. livestock and horticultural products remain strong with the cuts mostly for soybeans, corn, wheat and cotton.

The USDA projects ag IMPORTS of just over 120-Billion dollars. That creates a projected trade surplus of 6.3 billion, higher than the 2019 trade surplus of 4.6 billion.