When It Comes To Exports, Value And Volume Are Very Different
There are a lot of things you can say about high commodity prices. They make export values look really good, but sometimes those high prices can reduce the actual amount of product that overseas buyers are willing, or able to buy from American producers. That may, or may not be the case currently, but USDA economist Bart Kenner says for major bulk commodity exports the value is running 16% higher year over year. But the volume of commodities exported, is actually down 8%.
When looking at early August numbers, wheat export value is up 9%, corn is up 13%, which all sounds good. But Kenner noted when you look at volume numbers, things are not so rosy.
"Wheat exports were down 25% by volume, corn exports were down 8% and soybeans were down 3% by volume. And cotton exports were down 7% from this time last year."
Kenner said the one exception to that trend, sorghum which saw volumes increase 8% from 2021.
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