Another Record Ag Trade Forecast
Projected US Ag trade continues to reach record numbers. USDA Chief Economist Seth Meyer said the 2nd quarter trade forecast indicates:
"The current year we're in now: exports estimated at a record $191 billion."
Up by $7.5 billion from February's estimate, fueled by across-the-board rises in exported commodities.
"Each category: in grains and feeds, in oil seeds, in cotton, livestock, poultry and dairy...horticultural product, even ethanol. All of them either flat or higher than the previous estimate"
With soybean, corn and cotton exports significantly up from the 1st quarter projections. Myers said the Ag trade increase correlates with increased commodity prices.
"So the estimates rose for the fiscal year 22 on higher prices, as we've continued to see commodity prices rise since the Russian invasion of Ukraine. But we have a team a lot of other countries back off in terms of quantities taken in, which has been really interesting."
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