USDA Predicting Large Surplus In FY21

USDA's new trade forecast for Fiscal year 2021 is for a $16 billion increase in agricultural exports compared to this last season, possibly up to a $152 billion of exports.

In addition, "We are seeing an increase in exports of agricultural goods as well," noted USDA's Chief Economist, Rob Johannson. He said the U.S. could be bringing in $137 billion worth of foreign Ag products; up about $4 billion from last year, and a new record high.

When you remove imports from exports, "and that leaves us with a trade balance of $15 billion positive."

This past year the Ag trade surplus only amounted to a bit over $2.5 billion so definitely this could be what Johansson calls "a healthy recovery in the trade surplus in agricultural goods."

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