The U.S. ag sector is seeking over $900 million in aid to regain overseas markets lost to competitors like Brazil and Russia. USDA has received applications for more than three times the $300 million initially allocated in the first round of a five-year export promotion plan. The Regional Agricultural Promotion Program (RAPP), totaling $1.3 billion and announced last year, aims to assist the industry in accessing new markets for American crops. Funds from this program must be used to diversify markets, with a focus on expanding into Southeast Asia, the Middle East and Africa. The U.S. aims to capitalize on the growing middle class and increased buying power in these regions.
Brazil overtook the U.S. last year as the world’s top exporter of corn, after years earlier doing the same for soybeans, and it looks to do so this year for cotton. Russia years ago surpassed the U.S. on wheat exports. Sign up with Pro Farmer for more updates and market impacts.
