USDA Forecasts Farm Exports to Hit a New Record in 2021
Summer Ag Exports 060121
Demand for pork and grains is helping propel prices in 2021, and USDA is forecasting it to be a record year.
USDA thinks farm exports could hit a new record for fiscal Year 2021. The agency expects $164 billion in exports for 2021. That would be the highest on record, and up 21%from last year's total. If the forecast hold true, the 2021 farm export total would beat the previous record set in 2014.
USDA says the drivers behind the surge include a record outlook for China, which is expected to be the number one customer buying some $35 billion dollars in exports. USDA says sharply higher commodity prices and reduced foreign competition is also driving the increase.
