The ag trade deficit is projected to rise again this year. New numbers out this week show it has taken big leaps over the last couple of seasons.
USDA shows the ag trade deficit will land in the red at $49.5 billion for this fiscal year, which ends in September, and that is up from $49 billion projected back in February. Last year, the deficit was just shy of $32 billion, and it was $17 billion in 2023. In 2021, the ag trade deficit was just $2 billion.
The updates come as USDA lowered its forecast for exports of livestock products, canceling out increases in oilseeds and grains.
Before leaving her trade mission in Rome this week, Ag Secretary Brooke Rollins took to X, commenting on those new numbers. She says the time has come to shrink that gap and open up new markets around the world. She adds that additional bilateral trade deals are on the horizon for U.S. row croppers. Secretary Rollins left Italy yesterday, but has plans for more trips to India, Vietnam, and Japan next month.
Corn exports remain strong, while soybeans and wheat shift week to week on river conditions and global demand.
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One trader said the products entering the U.S. are primarily grind and trim, noting that the volume and type of beef, on its own, should not cause a major disruption. However, he says fund traders are reacting heavily to headlines rather than market realities.
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Shaun Haney, host of RealAg Radio, provides the latest insight into the timing, expectations, and broader considerations of the potential aid package, despite increasing exports to China.
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Higher rail tariffs and tighter Canadian supplies will keep oat transportation costs firm into 2026.
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Industry support ensures continued funding for mango marketing and research, helping sustain long-term demand growth.
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