USDA Outlook Forecasts Increased Exports

U.S. agricultural exports in fiscal year 2021 are projected at $140.5 billion, up $5.5 billion from previous estimates. Earlier this week the Department of Agriculture released its Outlook for U.S. Agricultural Trade report. The report says the increase is primarily driven by higher exports of soybeans and corn. Soybean exports are forecast up $4.2 billion from fiscal year 2020 to $20.4 billion, largely due to expected strong demand from China and reduced competition from Brazil. Corn exports are projected up $700 million to $9.0 billion on expectations of higher export volume.

Livestock, poultry, and dairy exports are forecast up $500 million to $32.3 billion in 2021, led by higher beef and veal, variety meat, dairy, and poultry. Agricultural exports to China are forecast at $18.5 billion, an increase of $4.5 billion, largely on higher expected soybean sales. Agricultural exports to Canada and Mexico are forecast at $21.0 billion and $19.3 billion, respectively.

And 2021 U.S. agricultural imports are forecast at $136.0 billion, $4.3 billion higher than previous estimates.

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