Despite a projected record year for U.S. ag exports, economists believe those gains will not continue into 2023.
Analysts at Aimpoint Research say there are several factors at play, including Brazil’s corn and soybean crops. They say another challenge is the Mississippi River, with meteorologists not expecting a drastic rise until next year. If that is the case, Brazil could take over the soybean market.
Researchers also point to a stronger U.S. Dollar, which makes American ag products more expensive in the global market.
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“A government shutdown impacts all Americans and has serious consequences, including for farmers. It just adds additional uncertainty, disrupts critical services.”
Agricultural exports continue to be a key contributor to rural employment. However, rural businesses still struggle to fill numerous job openings.
Treasury Secretary Scott Bessent stated this week that the government will intervene to help, following China’s withdrawal from the U.S. soybean market. One trader says the industry will remain in a holding pattern until Tuesday.
University of Illinois Ag Economist Gary Schnitker says early projections indicate soybeans will be more profitable than corn in 2026.
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