Export sales of wheat were higher for the week ending July 22, but not just lower for corn, soybeans, and cotton, they were actually the equivalent of returns as the cancellation of previous sales outpaced the current week’s sales.
According to AgAmerica Lending, the expectation for the Fiscal Year 2021 exports now sits at a record $164 billion, due in large part to increased purchases from China.
After roughly two years of breaking even in agricultural trade, U.S. agricultural exports are outpacing imports and are on pace to finish just behind the surplus recorded in 2017.
How important are exports for U.S. agriculture? According to the Economic Research Service, ag exports add $302 billion in economic output every year.
With a total 20 percent year-over-year gain ($1.6 billion), China imported $1.2 billion alone to become the third-largest customer for U.S. farmers.
Total U.S. agricultural exports in 2020 were nearly $146 billion, up almost 7 percent from 2019, and the second highest level on record after Calendar Year 2014.
USDA released their latest Weekly Export Sales Report on Friday, a day later than normal due to the Martin Luther King, Jr. Holiday on Monday.
There is always a focus on agricultural exports from the United States, but rarely much consideration for commodity imports.
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