The USDA says America’s agricultural exports in fiscal year 2023 are forecast at $181 billion, down $3.5 billion from the February forecast. The revision is driven by decreases in corn, wheat, beef, and poultry exports.
Corn exports are forecast $2.1 billion lower to $14.5 billion on lower unit values and volumes as Brazil is projected to harvest a record second-corn crop. Wheat exports are projected down $900 million to $7.4 billion because of lower volumes and values, as well as increased competition. Soybean exports are projected up $300 million to $32.3 billion on slightly higher volumes.
Total livestock, poultry, and dairy exports are expected to decrease by $1.2 billion to $39.3 billion. Declines in beef and poultry exports will more than offset increases in dairy exports. Cotton exports will be $6 billion, up $200 million, as higher volumes more than offset lower unit values. Ethanol exports were unchanged at $3.6 billion.