The trade war between the U.S. and China is a big reason U.S. farm exports are taking another cut. USDA is slashing its estimates for shipments of soybeans and corn this year.
It says total agricultural exports will decline 6.2 percent from last year to $134.5 billion. If those numbers hold, it would be the lowest since 2016.
The decline in ag exports is forecast to put the U-S ag trade surplus at $5.2 billion. That would be the smallest U-S agricultural trade surplus since 2006.