USDA predicts another record year of ag exports
USDA is projecting another banner year for ag exports. The recent forecast shows the U.S. will ship out $11 billion dollars more in ag goods than last year.
While China failed to reach Phase One purchasing commitments by roughly $13 billion dollars, a Farm Bureau economist says that the country will remain the top U.S. customer.
According to Veronica Nigh, “They are not projecting that China will make up much of their missed Phase One target. So, yes, they will continue to be the number one customer, but how much progress they’ll make towards digging out their Phase One commitment hole is yet to be seen.”
The forecast suggests higher unit values will offset projections of lower volumes.