The US Department of Agriculture (USDA) yesterday lowered its forecast for US agricultural exports for the next year, citing weaker soybean demand from China and lower bean prices.
The USDA's Economic Research Service said it now expects US agricultural exports to reach $ 175.5 billion in fiscal 2022, a decrease of $ 2.0 billion from the August forecast is equivalent to.
Soybean exports are expected to decline $ 3.9 billion to $ 28.4 billion, while soybean meal exports are expected to plummet by $ 800 million to $ 4.9 billion due to lower prices. The fiscal year began on October 1, 2021.
The report comes at a time when it is revealed that China's soybean imports from the United States will be in October this fall, while US exports are typically large, crush margins in China have fallen, and price competition with Brazilian beans is intense.
US grain exports also plummeted earlier this fall as shippers struggled to resume loading operations along the Louisiana Gulf Coast after Hurricane Ida damaged grain terminals and power failures across the region.
China is expected to remain the largest market for US agricultural commodities, the agency said. Agricultural exports to China are expected to be $ 36.0 billion, a decrease of $ 3.0 billion from the USDA's August forecast - which would still be a record high.
The slowdown in soybean exports is expected to be partially offset by an increase in livestock, poultry, milk, cotton and ethanol exports, a spokesman for the agency said.
"Grain and feed exports will also be cut by $ 300 million to $ 41.5 billion, with corn, sorghum and rice exports each falling by $ 100 million," the USDA shares on his website with.
Wheat exports are expected to remain stable at $ 7.1 billion from the previous forecast.
Source
Hansa Terminhandel GmbH
