U.S. Ag Exports Off To A Good Start, But Expected To Cool
The fiscal year for agricultural exports starts October 1st of every year, and when you look back in October of 2021, which kicked off the 2022 fiscal year, things started with record high October exports $17.7 billion.
But what about this past October which launched FY23?
According to USDA economist Bart Kenner, American producers shipped out $17.5 billion in goods in October 2022, so just slightly down year-over-year. Kenner was quick to point out a chance remains for some even better weeks ahead; when looking at the past six years.
"The peak of ag exports has tended to hit anywhere from October through December so that remains to be seen if this is of the peak or if that is yet to come in the next couple of months.”
Kenner noted in the value bulk products in total are up 23% over the calendar year through October in 2021.
“Dairy products are up 25% from last year, wheat specifically is up 20%, soybeans up 34%, vegetable oils up 23%, fruit juices up 22%, distilled spirits up 23%, ethanol up 61%.”
Kenner added even with a pretty good start to the new fiscal year, USDA's forecasting a 3% drop in exports this year, thanks in part to the stronger U.S. dollar.
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