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Shining Light on Farm & Food Policy for 20 Years.
Wednesday, April 24, 2024
A new report from the Agriculture Department’s Economic Research Service projects the nation’s pork producers could soon be sending more product overseas than their poultry counterparts.
The USDA’s Economic Research Service on Thursday lowered its forecast for U.S. agricultural exports in fiscal year 2024 to $169.5 billion. That’s down $2.5 billion from USDA’s previous forecast in August and down $9.2 billion from exports in FY 2023.
The Agriculture Department on Thursday raised its yield estimates for corn and soybeans and predicted stronger production for both commodities in its November crop report.
Pork exports have enjoyed a healthy first half of 2023, but beef sales to overseas customers have lagged, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
USDA has cut its forecast for the value of U.S. ag exports in fiscal year 2023 to $181 billion, a $3.5 billion reduction from the agency’s February prediction of $184.5 billion.
Brazil has been steadily planting more corn in recent years, and production may be on the verge of explosive growth as farmers double and even triple crop to take advantage of high prices, Chinese demand and a rising domestic ethanol sector.
The USDA Tuesday raised its forecast for ag exports in fiscal year 2022 to $196 billion, but the department also predicted the value of overseas shipments will fall in FY 2023.
