by PressU.S. agricultural exports: official forecast
U.S. agricultural exports to reach record highs
The U.S. Department of Agriculture presented a forecast of sales of locally produced agricultural products for the current year. According to the report, exports will be $191 billion, which will be a record for the country. This figure is $7.5 billion higher than in the previous forecast. The main factor in revising expectations was an increase in the production of soybeans and corn.
Corn exports are expected to grow from $2.2 billion to more than $19 billion. These results were achieved by local farmers due to an increase in the cost of grain, as well as a significant increase in the volume of supplies. Total sales of grains and fodder on the world market will increase by almost $4 billion, to the mark of $46.7 billion. In this case, supplies of almost all crops will increase, except for rice.
Analysts predict that by the end of this year soybean exports will reach a record volume of more than 32 billion dollars. Despite rather low prices for pulses, local farmers will remain in the black thanks to large shipments. High performance is also expected in shipments of all oilseeds and oilseed products. They will increase by 700 million dollars compared to the previous period and will reach more than 44 billion dollars. Experts also forecast the growth of exports of dairy products, as well as meat and poultry. They will be sold for a total amount of 40.4 billion dollars, and the volume will increase in almost all items, except pork.
China remains the main U.S. importer, if all planned deals are implemented, the volume of shipments to the country will be a record $36 billion. Exports to Mexico and Canada will also grow — by more than $2 billion each.
According to a new forecast, China remains a key market for U.S. agricultural producers, followed by Canada and Mexico.
The geopolitical conflict in Europe has led to serious instability in the global market. Many exporters had to increase shipments of products, but this could not keep prices at an acceptable level. The U.S. also significantly increased shipments of corn and sorghum. For example, exports of the latter crop will be at $2.6 billion, $100 million more than previously published data.
Wheat shipments from the U.S. will be more than $8 billion, $600 million more than previously expected. One of the reasons for the revision of the forecast was an increase in grain prices.