May Ag Exports Rally

Back in April, Ag exports for the first seven months of the fiscal year were trailing the same time period of 2017 by almost $2.5 billion.  However, when the May numbers were added, things changed dramatically.  The USDA said those export figures are now up year over year by $500 million.  USDA Trade Economist Bryce Cook said the change was thanks to, "the strongest May export value on record."

$12.3 billion dollars worth, taking total exports through May to a bit over $99 billion.  This, despite the fact that many bulk items are still trailing last year; soy beans are down by 14%, corn is off by 1%, and wheat lower by 18%.  Cotton exports, however, are up about 15%, as are many high-value products.

Of course, these May numbers are "pre-tariff", as is the current USDA forecast, which was made at the end of May and projected total exports this year to top 2017 by $2 billion.

"It's harder to figure out how that will affect markets, moving forward."

The USDA will release a new forecast for this fiscal year and for 2019 at the end of this month.

If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekradio.com