USDA Forecasts Lower Ag Exports in FY 2024

America’s agricultural exports in fiscal year 2024 are projected at $169.5 billion, down $2.5 billion from the August forecast. The drop is primarily from reductions in grain and feed as well as livestock, poultry, and dairy exports.

Wheat exports are forecast down $800 million to $6 billion on lower unit values and ongoing competition from Russia and the EU. Corn exports are forecast down $500 million to $12.8 billion because of lower unit values as abundant global supplies continue easing prices. Soybean exports are projected $500 million lower to $26 billion on lower exportable supplies.

Livestock, poultry, and dairy exports are forecast to drop by $1.3 billion to $36.3 billion due to declines across most products. Beef and pork exports are both projected $300 million lower on tight supplies and lower demand, respectively. Poultry products and dairy will both drop by $200 million due to lower volumes and decreased price competitiveness.

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