FY 2018 US Agricultural Trade Forecast

The USDA’s Economic Research Service (ERS) has released their Outlook for U.S. Agricultural Trade report for the fiscal year 2018. Agricultural exports are projected at $142.5 billion, up $3.0 billion from the February forecast, primarily due to expected increases in corn and cotton exports. Corn is forecast up $1.3 billion to $10.3 billion on both larger volumes and higher unit values, as weather-reduced crop prospects in South America improve U.S. export opportunities into the summer. Overall grain and feed exports are forecast at $31.2 billion, $1.5 billion higher than the February projection. Livestock, dairy, and poultry exports are raised by $100 million to $30.6 billion, as higher dairy exports more than offset reductions in variety meats and hides and skins; beef, pork, and poultry forecasts remain unchanged. U.S. agricultural imports in fiscal year 2018 are forecast at $121.5 billion, up $3.0 billion from the February forecast. Horticultural products and the livestock, dairy, and poultry category both have significant upward adjustments. Read more…