Ag export values are up, but volumes are down
So far, the value of ag exports is rising but it is not the same story for the volume side.
So far for this fiscal year, which started in March, exports are up 10 percent. However, USDA data shows fifteen of nineteen listed products show volumes declining compared to a year earlier, about 42 percent. This includes wheat, sorghum, rice, and soybeans.
Economist Bart Kenner says that there are almost as many reasons for the decline as there are products. “Increasing transportation costs with oil prices increasing and shortages with the conflict with Ukraine. There’s a lot of things affecting moving goods around the world right now,” he explains.
Commodities also cost more than they did a year ago. Kenner says that this means if it is more costly to buy a product, you may not purchase as much.