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U.S. Farm Exports Forecast Down $3 Bn at $136.5 Billion; Soybean Exports Seen Dropping 10%

2 Jun 2020 10:06 am
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Mumbai (commodities control) -U.S. agricultural exports in Fiscal Year (FY) 2020 are projected at $136.5 billion, down $3 billion from the February forecast, primarily due to reductions in bulk commodities including soybeans, cotton, corn, and wheat.

The COVID-19 outbreak has created a shock to world economies that will cause an unusually high level of uncertainty for the foreseeable future. Projections for soybean exports are reduced $1.9 billion from the previous estimate to $16.5 billion for FY 2020 due in part to increasingly competitive Brazilian exports. Cotton exports are forecast down $1 billion on lower volumes and unit values as the COVID-19 pandemic has reduced foreign demand. Corn exports are projected at $8.0 billion, down $500 million on lower unit values, which are pressured by ample exportable supplies and weak domestic use for fuel ethanol. The forecast for wheat exports is down $300 million to $6.1 billion, as larger global supplies and uncompetitive U.S. pricing reduce prospective volume. Livestock, poultry, and dairy exports are unchanged from the February projection of $32.4 billion, as stronger demand for pork and dairy products offsets a decline for beef and poultry products. The forecast for horticultural exports is unchanged at $35.5 billion. U.S. agricultural imports in FY 2020 are projected at $130.2 billion, down $2.3 billion from the February forecast. This decline is primarily driven by expected decreases in imports of horticultural products such as beer, fresh fruit, and fresh vegetables. (Commodities Control Bureau)

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