Record-Setting Year of Exports Ahead According to USDA
WASHINGTON, DC – USDA released their Outlook for U.S. Agricultural Trade Thursday morning during their 97th Agricultural Outlook Forum, held virtually for the first time ever. U.S. ag exports are expected to increase $5 billion in 2021 to a record $157 billion, driven by higher oilseed and grain export forecasts, while imports are expected to hit $137.5 billion. Taken individually, soybean exports are forecast $1 billion higher to a record $27.4 billion due to strong demand from China and higher prices. Corn exports are projected to be $800 million higher than the previous forecast, as higher unit values more than offset slightly lower volumes. Wheat exports are forecast at $6.9 billion, a $700 million increase. Overall grain and feed exports are forecast at $37.8 billion, $2.2 billion higher than the November forecast. Cotton exports are forecast up $600 million on higher unit values and volume. Livestock, dairy, and poultry exports are forecast $300 million higher to $32.6 billion, as increases in beef and poultry product export forecasts more than offset declines in dairy products. Horticultural product exports are projected to remain unchanged at $34.5 billion. Exports for China are raised $4.5 billion from the November forecast to a record $31.5 billion due to strong first-quarter shipments and surging sales, most notably of corn as the country is expected to remain the largest export market in FY21 (followed by Canada and Mexico). U.S. agricultural imports in 2021 are forecast at $137.5 billion, $500 million higher than USDA’s November forecast, led by increases in livestock, dairy, and poultry imports.
(SOURCE: All Ag News)