USDA says May was another stellar month for US ag export sales. It was the best May on record with just over $17 billion worth of ag products exported. USDA economist and trade tracker Bart Kenner says May’s number takes total ag exports for the first 8 months of this fiscal year to $136.5 billion, up 12% from this time last year.
“Exports of wheat were $4.8 billion, up 7 percent from this time last year. Exports of corn were $14.1 billion, up 15 percent. Soybean exports were $26.8 billion, up 15 percent.”
Beef exports are on a good pace as well. Dan Halstrom, President and CEO of the US Meat Export Federation says May export stats for beef continue to be record breaking, exceeding $1 billion in value again. And he says it’s a broad-based growth- it’s not just one market.
“We continue to see growth out of China. But we have other parts of the world: Indonesia, Philippines, Caribbean region, places like Colombia, all showing significant growth.”
Pork was down 20% year-over-year, but Halstrom says it’s optimistic, in a sense, that it was the largest month of the year for pork exports.
“I think what we’re seeing here is in addition to some of the really strong retail demand, we’re starting to see food service combined with retail on the pork side and we’re seeing significant rebound in some of these markets.”
Kenner and the folks at USDA are projecting a record-breaking year for total ag exports. Their current estimate is $191 billion which would be 11% higher than a year ago.
Sources: USDA Radio News & US Meat Export Federation