December 22, 2024 | 10:59 GMT +7

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Thursday- 14:05, 03/06/2021

USDA Forecasts Farm Exports to Hit a New Record in 2021

(VAN) Demand for pork and grains is helping propel prices in 2021, and USDA is forecasting it to be a record year.
 

USDA thinks farm exports could hit a new record for fiscal Year 2021. The agency expects $164 billion in exports for 2021. That would be the highest on record, and up 21%from last year's total. If the forecast hold true, the 2021 farm export total would beat the previous record set in 2014.

USDA says the drivers behind the surge include a record outlook for China, which is expected to be the number one customer buying some $35 billion dollars in exports. USDA says sharply higher commodity prices and reduced foreign competition is also driving the increase.

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