USDA Raises Ag Export Forecast to Record Levels

On May 26, USDA’s Economic Research Service (ERS) announced its forecast for an even higher record-breaking year for U.S. agricultural exports in FY 2021. The agency raised its forecast to $164 billion, a $7 billion increase from the ERS February forecast of $157 billion. The U.S. exported $135.7 billion worth of ag commodities in FY 2020.

ERS has also increased its U.S. imports forecast, but the forecasted trade surplus remains the highest since 2015. The ERS is now predicting the U.S. will import $141.8 billion worth of ag commodities in FY 2021, an increase from the February prediction of $137.5 billion. The trade surplus is forecast to be $22.2 billion in FY 2021, an increase from $2.5 billion in FY 2020.

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