Agricultural exports in fiscal year 2016 are projected at $124.5 billion, which is $500 million below the February projection. It is also $15.2 billion below fiscal year 2015. USDA says grain and feed exports are forecast at $27.7 billion, up $500 million from the February forecast. The rise in grain and feed exports is primarily because of larger wheat and corn volumes, as well as higher unit values for corn and sorghum. Oilseed and its product exports are forecast at $26.1 billion, up $700 million in response to stronger soybean and soybean meal export volumes as well as higher soybean unit values. Cotton exports are forecast at $3.1 billion, down $100 million from the February forecast. The forecast for livestock, poultry, and dairy is forecast at $33.5 billion, down $1.2 billion because lower prices in dairy, poultry, and beef won’t be offset by gains in other livestock products. Ag Secretary Tom Vilsack said the numbers show the importance of getting the Trans-Pacific Partnership agreement passed in Congress.
Source: NAFB News Service