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Balanced Reporting. Trusted Insights.
Thursday, September 28, 2023
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.
The USDA said Friday bumped up its forecast for U.S. soybean exports and dropped its prediction for ending stocks as Chinese demand remains strong and competition from Brazil is less than expected.
India on Saturday banned wheat exports in efforts to protect its domestic supply and that’s drawn the criticism of the U.S. and its fellow G7 member countries, says U.S. Agriculture Secretary Tom Vilsack.
The U.S. exported about $49.2 billion worth of ag commodities in the first quarter of 2022, a record for shipments in the first three months of a year and setting the pace for what could be an annual record, according to new data from USDA’s Foreign Agricultural Service.
