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USDA export prospects for 2020 up from August

US exports dropped $11 billion from 2018 to 2019, but the USDA’s latest export forecast bumped the 2020 exports up by $2 billion from August to $139 billion.

USDA’s Chief Economist Rob Johansson says China is the key factor.

“The forecast of exports to China is higher by $3.5 billion compared to our estimates in August and is now expected to reach nearly $11 billion.”

Johansson says that is about $1 billion more than this past fiscal year, which should make up for some projected slower sales to Japan, Korea, Taiwan, Philippines and the EU.

He highlights the expected changes for commodities.

“We expect higher soybean exports, higher pork and higher dairy exports. Cotton and sorghum are raised also from August, while the forecast for corn and wheat is down, both due to lower volumes and increased competition.”

He says beef and poultry are also pegged lower than August from expected lower prices.