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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Foreign trade partners, such as China and the European Union, are still purchasing U.S. commodities, but are becoming more cautious as the Trump Administration’s tariff deadline approaches in August.
$15 billion in U.S. energy, $4.5 billion ag products, 50 Boeing jets—plus a 19% tariff on Indonesian exports in exchange for U.S. market access.
