Ag Exports Rebound

U.S. farm exports will total $139.8 billion this fiscal year, the third-highest tally ever and ending a slump in sales that begin in 2014, the USDA estimated in a quarterly report.

In its first forecast for fiscal 2018, the USDA pegged exports at $139 billion, down by about $800 million from 2017.

U.S. ag exports hit a record $152.3 billion in fiscal 2014.

Strong economic growth globally and a 7 percent decline in the value of the dollar aided this year’s sales recovery, said USDA. The dollar is expected to trend lower in value for the rest of 2017.

Ag exports generate roughly one third of cash receipts to U.S. farmers and ranchers. China is the largest customer for U.S. farm goods, followed by Canada, Mexico, the EU, and Japan. The top five markets buy 62 percent of U.S. farm exports; the EU and Japan take 17 percent of sales.

Throughout fiscal 2017, USDA raised its export estimate as conditions brightened. The current estimate is up by $1.2 billion from May, with corn, wheat, soybean, and cotton sales on the rise.

Source: Successful Farming