USDA Lowers Export Forecast

In May, the USDA was predicting 2019 Ag exports to be around $137 billion, down 4.5% from the previous forecast, and down $3.6 billion from 2018's figures.  In the Department's most recent export forecast, they've trimmed another $2.5 million from the forecast, coming in a $134.5 billion.

USDAs Deputy Chief economist Warren Preston, he said back in May China was the main drag on exports.  But, for now, “Fiscal 19 exports to China from May to August actually increased by $800 million to $7.3 billion.

Most of that up-tick came via recent Chinese purchases of soybeans and pork.  So the declines in overall export  prospects are coming from lower sales  to several other markets.

“Increased economic growth worldwide, a relatively strong US dollar, and a lot of trade uncertainty," Preston continued.

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