ARLINGTON, VA – Exports of U.S. commodities are expected to fall this year (FY2023), according to the latest projections from the United States Department of Agriculture (USDA).
During the 2023 Ag Outlook Forum, economists with the government announced a revision to the November forecast, with all major commodity groups experiencing a downturn, but the largest decreases projected for corn, sorghum, and soybeans.
Livestock, poultry, and dairy exports are forecast to decrease bas declines in beef, poultry, and dairy exports more than offset increases in pork exports.
Cotton exports are forecast lower on lighter volumes; horticultural product exports are down due to declines in tree nut exports; and ethanol exports are forecast lower amid reduced demand.
China is forecast to remain the largest market for U.S. agricultural exports and is unchanged from the previous forecast, exports to Mexico are also forecast to remain unchanged, but exports to Canada are lower on decreased demand for corn.
(SOURCE: All Ag News)