WASHINGTON — The US Department of Agriculture on Feb. 18 forecast the value of US agricultural exports in fiscal year 2021 at a record $157 billion, up $5 billion from its November projection. The USDA said the hike was driven by higher oilseed and grain export forecasts.
Fiscal year 2021 soybean exports were forecast at a record $27.4 billion, $1.1 billion higher than in November, due to strong demand from China and higher prices. The value of soybean exports in fiscal year 2020 totaled $17.87 billion.
The value of corn exports in fiscal year 2021 was projected at $14 billion, up $800 million from the November forecast and compared with $8.21 billion in fiscal year 2020. In the case of corn exports for fiscal year 2021, the USDA said higher unit values more than offset slightly lower volumes when compared with the November outlook.
The value of wheat exports in fiscal year 2021 was forecast at $6.9 billion, which compared with $6.2 billion as the November projection and compared with $6.25 billion in fiscal year 2020.
The value of US agricultural imports in fiscal year 2021 was forecast at $137.5 billion, up $500 million from the November projection and compared with $133.22 billion in fiscal year 2020.
The US agricultural balance of trade surplus for fiscal year 2021 was projected at $19.5 billion.