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Washington Week in Review: May 18, 2018: Farm bill goes down on House floor

The farm bill suffered a familiar and disappointing fate on the House floor this week, going down in a 198-213 vote. Agri-Pulse's Phil Brasher and Spencer Chase talk about what happened and what's next.

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Ag by the numbers

U.S. exports of whole soybeans are forecast to grow in 2018/19

US_exports_soy_chart

The United States is a leading global producer and exporter of soybeans. Oilseed and oilseed product exports, particularly soybeans, represent a significant source of demand for U.S. producers and make a large net contribution to the U.S. agricultural trade balance. In the 2018/19 marketing year (September–August), total U.S. exports of soybeans (whole, meal, and oil) are expected to increase by over 8 percent provided normal trade relations with other countries, which if realized, would mark a return to growth after a modest contraction expected for 2017/18. (Exports had increased in the previous 5 marketing years.) Whole soybean exports, which are expected to increase 11 percent in 2018/19 over 2017/18, are responsible for the increased forecast in total soybean exports in 2018/19. Relatively small declines are expected in 2018/19 over 2017/18 in exports of soybean meal and oil—the principal components of crushed soybeans. Although soybean exports from the United States have grown over the past 25 years, the share of U.S. exports in global oilseeds trade has declined. Significant expansion in soybean output by countries like Brazil and Argentina have reduced the U.S. shares of global exports and production. Brazil surpassed the United States as the world’s leading exporter of soybeans in 2011/12 and is expected to exceed U.S. production for the first time in 2018/19. This chart is drawn from data discussed in the ERS Oil Crops Outlookreleased in May 2018.