Ag Trade Deficit in May

The USDA has released their look at agriculture trade for May and it includes a rare occurrence, the U.S. ran a trade deficit for the month.

USDA Analyst Bryce Cooke said the deficit was about $17 million.

“The last time that there was a trade deficit was actually May of last year. That one was a little bit larger at over $100 million.”

Even with the May deficit, ag exports are nearly $100 billion for the first eight months of the fiscal year which is $12 billion ahead of the same point of last fiscal year.