U.S. agricultural exports could reach a record $149.5 billion this fiscal year according to USDA’s latest “Outlook for U.S. Agricultural Trade” report. This is an estimated $6.9 billion higher than previous estimates and if realized would establish a new record for U.S. agricultural exports.
Last years exports reached $140.9 billion. Secretary of Agriculture Tom Vilsack said that due to the 2014 farm bill, “USDA is able to continue support for trade promotion and market expansion for U.S. agricultural products overseas - programs that return $35 in economic benefits for every dollar invested.”
According to the report, the forecast for livestock, poultry and dairy exports was increased to a record of $32.2 billion with increases in dairy and beef offsetting declines in pork and poultry. Soybean exports are estimated at $23.5 billion as a result of record exports to China. Corn exports are projected at $10.7 billion due to decrease competition, especially from Argentina.