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USDA revises ag export growth

USDA says while ag exports are forecast higher for next year, they are somewhat limited.

Chief economist Rob Johansson says the global economy is not expected to grow as much as previously thought.

“Growth has been moderated by continuing uncertainty in the U.S./China trade situation as well as potential slowing of global GDP due to Brexit and overall global economic growth slow down.”

USDA is forecasting ag exports for the 2020 fiscal year up $3.5 billion from 2019 at $139 billion, which is down a tenth of a percent from the previous forecast.  The U.S. economy is also expected to grow next year, but at a slower pace than this year.