USDA now forecasts U.S. ag exports will reach a record $191.0 billion in fiscal year (FY) 2022, up $7.5 billion from the February forecast, led by corn cotton and soybeans. USDA projects FY 2022 ag imports at $180.5 billion, up $8.0 billion from February. That would result in an ag trade surplus of $10.5 billion for FY 2022, down $500 million from the February outlook but up from $8.9 billion in FY 2021.
On ag exports, USDA noted: “Corn exports are forecast $2.2 billion higher to $19.1 billion due to record volumes and higher unit values. Overall grain and feed exports are projected $3.8 billion higher at $46.7 billion, with gains across all commodities except rice. Cotton exports are forecast at a record $9.0 billion, up $1.0 billion from the previous forecast, driven by higher unit values. Soybean exports are projected up $1.0 billion to a record $32.3 billion as higher volumes more than offset lower unit values. Total oilseed and product exports are forecast $700 million higher to a record $44.3 billion. Overall livestock, poultry, and dairy exports are projected to increase by $1.2 billion to $40.4 billion, with gains across all major commodities except pork. Beef and veal exports are projected to increase by $700 million on higher unit values as demand in East Asia is expected to remain firm. The projection for ethanol exports is forecast at a record $3.8 billion, up $900 million from the previous forecast due mainly to higher unit values. Horticultural exports are unchanged at $38.5 billion.”
