U.S. ag exports hit a record $196 billion in FY 2022. For FY 2023, however, the latest forecast from USDA in February puts exports at $184.5, down $5.5 billion from the November forecast. Moreover, ag trade is expected to be a deficit of $14.5 billion in FY 2023. Imports are forecast at $199 billion, unchanged from the November forecast. At a Senate Agriculture Committee hearing last Thursday, Ranking Minority Member John Boozman (R-Arkansas) noted those forecasts, saying, The headwinds for our producers are great. For only the third time in 55 years we’re expected to have a trade deficit in agriculture and no new trade deals have been signed or are under negotiation.
Two of those years were 2019 during the U.S. China trade...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...
