Ag Trade Surplus Remains, But Shrinking

According to the latest numbers from the USDA, the U.S. continues to enjoy an Ag trade surplus with other nations; but that surplus is shrinking. 
When comparing the first eight months of the current fiscal year with a year earlier, "exports are every so slightly down and imports are slightly up," noted USDA Economist, Mark Kenner. He added that's been the trend for some time now.

With imports growing faster than exports eating in to the Ag trade surplus, which after eight months of this fiscal year, stands at just under $2.9 billion, a nearly 20% year over year drop. In May, Kenner said the U.S rang up a small Ag trade deficit of $734 million.

"We had a negative trade balance in January and them March, April, and May,"

And, he said, that was due to the pandemic. Kenner added processors now are running very close to normal, but processing facilities are still short of capacity.

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