USDA raises quarterly export forecast
The USDA has adjusted its quarterly export forecast higher for this year to a record $164 billion.
The Economic Research Service says the $7 billion increase is because of higher expected exports of corn, soybeans, livestock, poultry, and dairy products.
Strong corn exports are tied to record volume and higher unit values while increased soybean exports are also expected to see record volume movement with strong Chinese demand.
Dairy exports are forecast at $7 billion, up $500 million because of higher volumes and values, especially for skimmed milk powder, whey, and whey products.
Total exports to China were raised from USDA’s February forecast to a record $35 billion with record shipments of soybeans, corn, tree nuts, beef, wheat, and poultry products. The country is expected to be the largest U.S. export market for the year, followed by Canada and Mexico.