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USDA Predicts 2011 To Be Banner Year for Agricultural Exports

posted on December 2, 2010

To say the least, it has been a banner year for U.S. agriculture. Volatile markets have lead to a steady increase in prices. It's against this backdrop the value of U.S. agricultural exports are forecast to hit record levels next year.

USDA Predicts 2011 To Be Banner Year for Agricultural Exports USDA officials are forecasting the value of agricultural exports in 2011 at a record $126.5 billion -- nearly double the amount seen only five years ago.

U.S. grain exports are projected to hit $35.4 billion -- the second highest mark on record. Most of the increase is being credited to higher coarse grain and wheat values.

Corn exports in 2011 have been reassessed to $12.3 billion -- 16 percent above the August prediction.

USDA officials also expect wheat values to go up more than 20 percent to $9.8 billion. The report sites the reason for the swell in the value of wheat exports as reduced global competition.

The value for oil seed exports has doubled over the past five years with soybeans accounting for nearly three-quarters of the total. USDA puts the value of all oilseed exports at $28.3 billion -- up more than 25 percent from the previous report. USDA officials attribute much of the increase to strong demand from China.

The fiscal 2011 export forecast for livestock, poultry, and dairy rose to $23 billion, with gains in all but the poultry sector.

Beef exports are forecast at $3.7 billion, up $500 million on higher unit values and lower beef production. And Pork exports are forecast to reach $4.6 billion as demand remains firm in major markets around the globe.

Tags: agriculture foreign relations news trade USDA