Market Matters Blog
Katie Micik DTN Markets Editor

Thursday 05/29/14

USDA Revises Export Outlook, Calls for Records

USDA increased its estimate for agricultural exports upwards by $6.9 billion on Thursday, increasing its overall estimate to $149.5 billion. That'd be a new record, and this time it's not all about prices. Higher volume -- an increase of 31% from 2013 to 2014 to be exact -- plays a starring role.

Grain and feed exports are seen at $35.8 billion, up $4.5 billion from February's forecast, as USDA increased its expectations for all categories except rice. USDA bumped up exports of oilseeds and products by $2.4 billion to a record $33.8 billion, citing expanding global demand. "Larger volume and higher unit values for both soybean and soybean meal drive the increase, with soybeans raised $1.8 billion to $23.5 billion and soybean meal raised $300 million to $5.4 billion. Soybean oil unit value is also raised, primarily due to tight supplies," the report said. You can find the whole report here: http://1.usa.gov/…

"American farmers and ranchers are on track for another year of record exports, which builds on the past five years of the strongest agricultural trade in our history," Agriculture Secretary Tom Vilsack said in a press release. "This report indicates that the volume of U.S. agricultural exports has increased, which demonstrates an increasing global appetite for high-quality, American-grown products.

"USDA will continue to focus its efforts on tapping into new markets for what is grown and made in rural America. Today, only one percent of U.S. companies export, and yet 95 percent of the world's consumers live outside the borders of the United States, creating significant opportunities for U.S. food and agriculture. Thanks to resources in 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. In addition, the Administration's Made in Rural America initiative, launched by President Obama at the 2014 Farm Bill signing, will further these efforts by helping rural businesses and leaders access federal resources to help them connect with new customers and markets abroad.

"Collectively, these efforts will ensure that America's farmers and ranchers are well positioned to capitalize on emerging export markets and continue to drive economic growth in rural America."

(AG/CZ)

Posted at 3:52PM CDT 05/29/14 by Katie Micik
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