U.S. ag trade continues record reach
The U.S. agriculture trade forecast continues to reach record numbers.
The second quarter predictions show a record $191 billion dollars, which is up $7.5 million dollars from February’s estimate. USDA Chief Economist, Seth Meyer, says that when you look country by country, the biggest change is from Canada and Mexico.
“So, $5 billion dollars of additional trade were allocated to Canada and Mexico, evenly split. Little bit more quantity but also higher unit values. Higher prices as well too. So, both of those countries taking in more dollars of U.S. agricultural exports and a little bit more quantity so the higher prices didn’t back off from the Canadians or the Mexicans from taking in U.S. agricultural products,” he explains.
He add that each category of commodity exports were higher this time than the previous estimate.