USDA Again Drops Exports Forecast
USDA analysts have once again lowered their expectations for U.S. agricultural exports this fiscal year. In August, USDA forecasted exports to reach roughly $138 billion.
That forecast was revised in December to $131 billion. USDA now predicts exports will total $125 billion, down more than 10 percent from last year.
USDA economist Rob Johansson unveiled the new numbers at Agriculture Outlook Forum Thursday.
Johansson says one-third of the decline is because of reduced sales to China.
Other factors include lower grain and feed export prices along with strong competition and weaker world demand.
However, USDA Secretary Tom Vilsack expressed confidence, saying “there is going to be a huge need for food in this country and the world long-term. Vilsack expects U.S. producers to lead the world in meeting that increased long-term demand.
