The first quarter 2022 trade data was released this week by the U.S. Census Bureau and with that many people don?t quite know what to expect. From inflation to the war between Ukraine and Russia the exports in the U.S. have both dropped and flourished in other areas than before.
American Farm Bureau Federation Senior Economist, Veronica Nigh says compared to a year ago, there is nearly a 13 percent increase in the U.S. ag exports.
?But, if you’re like me, you’re probably wondering how much inflation is contributing to that increase. So, after adjusting for inflation, 2022 year-to-date exports are up four percent by value compared to the same period last year. However, when we look at export volumes, the story isn’t quite as rosy; export volumes year to date are actually down four percent compared to the same period last year.?
Nigh talks about the many people who are watching closely on the global supply of corn and wheat and what the USDA is projecting in the future for those markets.
?Despite the estimation that Ukraine’s ?22-23 wheat export volumes will be down nearly 50 percent because of war, and U.S. wheat exports are projected to be down four percent due to drought, USDA is actually projecting that global wheat exports will be up a little bit this year. That’s mainly based on increased volumes out of Russia. So far, 2022 wheat exports out of the U.S. are weaker than a year ago, U.S. export volumes of corn are estimated down in the current marketing year, mainly related to higher prices.?
Nigh points out some of the other U.S. products are significantly increasing their exports beyond the corn and wheat markets.
?U.S. ethanol exports are up 67 percent in January through April of 2022 compared to a year ago. Soybean oil is up over 50 percent, that’s likely a result of folks choosing soybean oil as a substitute for sunflower seed oil which is a major export crop out of Ukraine and Russia. Cotton is also up over 50 percent by value, beef and beef products are up also over 38 percent compared to the same point last year.?
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