FY 2014 Ag Exports Projected Down from Expected 2013 Record

While exports are forecast at a record 140-billion dollars for this fiscal year - exports in the next fiscal year are projected to drop five-billion dollars to 135-billion. That's according to USDA's Economic Research Service. The biggest decline is expected in oilseeds and products - down 5.4-billion dollars on lower soybean and meal prices. Lower wheat, rice and feeds and fodders exports are expected to result in a 1.7-billion dollar drop in grain and feed exports. ERS forecasts a 700-million dollar decline in cotton exports due to lower domestic production and reduced demand from China. Little change is expected in exports of livestock, poultry and dairy products. Horticultural exports are actually to increase 2.5-billion to a record of 34.5-billion dollars. Agricultural imports for the 2014 fiscal year are forecast at a record 113-billion dollars - eight-billion higher than this fiscal year. The trade surplus is expected to fall to 22-billion - a 13-billion dollar drop. According to ERS - 22-billion would mark the smallest surplus since 2007.

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