For fiscal year 2014 US agricultural exports will reach a record $149.5 billion, the Department of Agriculture said recently, higher than its earlier forecast of $142.6 billion and up 6% on the year, according to Reuters.
The forecast for the US agricultural trade surplus in fiscal 2014 is up $6.3 billion from the February estimate to $39 billion, its second highest ever. The fiscal year started on October 1 and will end on September 30.
US agricultural imports for the fiscal year are forecast at $110.5 billion, up slightly from the February estimate and 6.4% above fiscal 2013. It would be a second straight of record US agricultural exports, which last year totalled $140.9 billion.
The forecast for grain and feed exports was boosted by $4.5 billion from February to $35.8 billion because of higher wheat prices and greater volume and prices for corn, partly because of less competition from Argentina.
Oilseeds and products exports will jump to $33.8 billion, up $2.4 billion from the previous forecast, helped by record soybean sales to China, the USDA said.
US farm exports to China were forecast to be a record $28 billion, up $3 billion from earlier, chiefly on shipments of soybeans, sorghum and distillers dried grain.
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