Overall Farm Exports To Increase In 2010

USDA projects farm exports for fiscal year 2010 to rise to $100 billion, an increase of $3.5 billion from fiscal year 2009, Agriculture Undersecretary for Farm and Foreign Agricultural Services Jim Miller recently told the Outlook Forum. Miller said food imports are expected to rise to $77.5 billion, an increase of $4 billion from fiscal year 2009, reports AgWeek.

Miller said the U.S. agricultural trade surplus will go down to $22.5 billion in fiscal year 2010, a half-billion dollars less than in fiscal year 2009. Miller also said an increase in oilseed exports is expected to lead the recovery, but that grain and feed grain sales will lag because of large supplies in the global marketplace.

In other recent news, China replaced Japan as the No. 2 market for U.S. exports and is expected to surpass Canada and Mexico as the No. 1 market within a few years.