The USDA says U.S. agricultural exports in the Fiscal Year 2021 are projected at $152 billion. That is up 11.5 billion from the August forecast and is driven higher by rising soybean and corn export values.
The agency?s projection for soybean exports is up by 5.9 billion dollars to a record 26.3 billion due to higher unit values, strong demand from China, and record volumes. Corn exports are forecast up 4.2 billion dollars to 13.2 billion because of reduced competition, higher unit values, and record volumes. The agency says cotton exports are forecast up 300 million dollars to 5.3 billion based on higher values. Wheat exports are projected at 6.2 billion dollars, up by 200 million dollars on higher unit values and slightly larger volumes.
The overall major agricultural bulk commodity exports are forecast to increase 24 percent from the previous projection. Livestock, poultry, and dairy exports are forecast unchanged at 32.3 billion dollars as lower exports of pork, hides, and skins offset increases in beef and poultry. China is once again projected to become the largest U.S. agricultural market, a spot it last held in 2017. Ag imports are forecast at 137 billion dollars, up one billion from August.
