USA: Agricultural exports expected to fall 5%

United States
Market & Price Trends
Published Dec 3, 2023

Tridge summary

U.S. agricultural exports are expected to decrease this year, reaching the lowest levels in four years. The decline is attributed to lower prices for wheat, corn, and cotton. China remains the top customer for food and agricultural products, followed by Mexico. The Agriculture Department also noted that the agricultural trade deficit will be the largest ever, almost doubling the previous record from last year.
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Original content

U.S. agricultural exports will be the lowest in four years due to lower prices for wheat, corn and cotton, the Agriculture Department said Thursday. China would remain the main customer for food and agricultural products, with Mexico in second place. In a quarterly forecast, the USDA estimated food and agricultural exports at $169.5 billion this fiscal year, a 5% drop from fiscal 2023, which ended September 30. Domestic demand." The agricultural trade deficit of $30.5 billion, the largest ever, would be almost double the current record of $16.7 billion for fiscal 2023. The USDA lowered its forecasts for wheat, corn and cotton sales due to lower prices, and said soybean and sorghum revenues would fall due to smaller harvests. Sales of beef, pork and dairy products also fell. China was expected to buy $29.5 billion worth of food and agricultural products from the US, compared with $33.7 billion last year. Mexico would spend $27.9 billion and Canada $27.7 billion this year, the USDA ...
Source: Agrolink
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