U.S. Ag Exports Expected To Pass Forecast
The USDA's current Ag export forecast for the current fiscal year, which comes to an end September 30th, calls for a record $191 billion of ag sales overseas.
"Would be, if realized, an 11% over 202."
So, are American producers going to hit that $191 billion mark? USDA economist Bart Kenner said exports are already running 14% ahead of where they were this time last year. And he noted if trends continue, U.S. export numbers should easily pass that $191 billion projection, but he was quick to point out a lot can happen and change in a fiscal quarter. When it comes to bulk products, Kenner says numbers continue to look good.
"Exports of wheat for fiscal year to date, October through June were $5.5 billion an increase of 9% over the same period last year. Corn exports were $16 billion an increase of $13 billion from last year."
Soybeans were up 18%, while cotton was 33% higher year-over-year. The USDA will be out with a new trade forecast at the end of this month, plus their first forecast of the 2023 fiscal year, which gets underway October 1.
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