This year’s ag trade deficit is forecast to ballon past $45 billion. It is a number that puts the trade balance in the red by double digits.
“A trade balance of -$12 billion, which is $8.9 billion less than the -$3 billion during the same time period the previous year,” said Bart Kenner, USDA economist.
Kenner says the main driver of slower exports in the last couple of years has been the strong dollar compared to foreign currencies. U.S. ag exports fell around $4 billion last year. Exports to Asia are expected to fall several billion dollars this year, and that was calculated before tariff discussions.
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NCBA CEO Colin Woodall says more conversations need to occur with stakeholders present surrounding President Trump’s proposal to lower consumer beef prices with Argentinian imports.
Corn and wheat inspections outpaced last year, but soybean movement remains seasonally active yet behind, keeping basis and freight dynamics in focus by corridor.
Lawmakers are pressing for answers on how Washington’s “managed trade” approach — keeping leverage through long-term tariffs — will affect farmers, global markets, and future export opportunities.
In the meantime, Senate Majority Leader John Thune is asking that farmers be allowed to use marketing assistance loans to help stay afloat.
