The U.S. exported $17.1 billion of ag goods against imports of $17.8 billion for a deficit of $656 million in May. The deficit increased from $19 million in April. Through the first eight months of fiscal year (FY) 2022, ag exports totaled 136.5 billion against imports of $128.2 billion for a surplus of $8.3 billion. USDA forecasts FY 2022 ag exports at $191 billion and imports at $180.5 billion, which would leave a surplus of $10.5 billion. To meet USDA’s forecast, exports need to reach $13.63 billion over the next four months and imports of $13.08 billion. In the final four months of FY 2021, U.S. ag exports were under $13 billion each month, while imports topped $14 billion in all but September when they were $13.97 billion.
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