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USDA Export Forecast Reduced, But Still a Record

USDA lowered its forecast for agricultural exports for fiscal year 2013, from $142 billion to $139.5 billion, which is still a record.  Secretary of Agriculture Tom Vilsack said, “Today's report is promising news that keeps American agriculture on track to continue the strongest period of exports in our nation's history. Agricultural exports are an important part of our economy, supporting more than one million jobs.”  

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USDA’s forecast lowered corn exports from $8 billion to $6 billion from the February estimate.  The forecast for oilseeds and products is raised slightly and the forecast for cotton exports is $500 million higher. The forecast for livestock, poultry and dairy is unchanged from last quarter – a record $30.1 billion.  However, pork exports were lowered $300 million to $5.0 billion based on smaller volumes and lower prices.  This is a result of weaker demand in Asia and Mexico and the sanitary-phytosanitary barrier restrictions in Russia.  

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