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USDA lowers 2019 export projections again

The USDA has lowered its 2019 ag export forecast by 2.5 billion dollars.

“We are now looking at a fiscal year 2019 forecast of $134.5 billion.”

Deputy Chief Economist Warren Preston says that is almost $9 billion below 2018.

He says the cuts to the May forecast were mainly from trade uncertainties with China, but exports to China from May to August were up by $800 million from an increase in Chinese purchases of soybeans and pork.

Preston says the recent cuts were influenced by other factors including, “Increased economic growth worldwide, a relatively strong US dollar and a lot of trade uncertainty.”

The USDA projects Canada will remain the top export market at $21.5 billion, which is up $400 million from May. Preston says they predict Mexico will be the second largest at $19.8 billion followed by the EU at $13.6 billion.