U.S. Agricultural Exports Down

U.S. agricultural exports in fiscal 2019 are projected at $141.5 billion, down $1.9 billion from fiscal year 2018 and unchanged from the August 2018 forecast, led by a steep decline in soybean and cotton shipments to China due to an ongoing trade dispute, according to the U.S. Department of Agriculture.

Canada is expected to be the top destination market for U.S. agricultural exports in FY 2019; China falls to fifth place behind Mexico, the EU, and Japan. U.S. agricultural imports in fiscal year 2019 are forecast at $128.0 billion, up $1.0 billion from the November forecast. This increase is led by horticultural products, livestock and meats, and grains and feed imports. The U.S. agricultural trade surplus is forecast at $13.5 billion, down $1.0 billion from the November forecast.

U.S. Agricultural Exports

Soybean export volumes are down because of declining Chinese purchases from the United States as a result of trade tensions, and export value is also down, in part due to a record U.S. crop that continues to pressure soybean prices lower.

Oilseed and products exports are down $100 million from the November forecast to $27.8 billion, primarily due to lower soybean volumes.

Grain and feed exports are forecast down $100 million to $33.7 billion following a projected decrease in coarse grain exports from last quarters forecast.

Livestock, dairy, and poultry exports are raised $300 million to $30.4 billion, largely due to gains in beef, pork, poultry, and dairy.

Horticultural products are unchanged at $35.3 billion.

The full report can be found on The U.S. Department of Agriculture’s website at usda.gov