USDA Trims Ag Export Expectations

The USDA says Ag exports this fiscal year will hit $175.5 billion. 

"It's a little bit lower, $2 billion less than the previous estimate for this year."

That estimate was made back in August. But, according to USDA Chief Economist Seth Meyer, $175.5 billion would still be a new record. Beating last year by $3.3 billion.

Meyer explained why the USDA trimmed a couple billion dollars from the forecast made just a few months ago.  

"Some lower expectations for grain grains and oil seeds; mostly a price issue.  So lower soybean and soy bean meal prices, a little bit lower corn prices.  So that is what is contributing to the decline.  Partially offset by increases in expectations in value for livestock, poultry, dairy and maybe a little bit of ethanol and cotton performing pretty well, also."

But while the USDA has cut its export forecast by $2 billion, its added $5.5 billion to expected Ag imports. That figure could hit a record $165 billion.

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