Saturday, September 1, 2012

USDA forecast Agricultural Exports 2013

USDA forecast Agricultural Exports 2013, Corn exsports expected 2013, corn demand prediction 2013, wheat exports 2013, : The U.S. is now forecast to export $143.5 billion worth of agriculture goods in the 2013 fiscal year, a all-time record high, the U.S. Department of Agriculture said Thursday.

Higher than normal prices for corn and strong international demand for wheat helped push the forecast above the $136.5 billion worth of agriculture goods the USDA is predicting will be exported in FY 2012.

The volume of corn exports is actually expected to decline in FY 2013, but drought conditions this summer have pushed prices up sharply.

U.S. exporters are expected to ship 33.5 million tons of corn in FY 2013, a sharp drop of 5.5 million tons from FY 2012, the USDA's Economic Research Service said in the quarterly forecast released Thursday.

"Today's export forecast marks indication of an historic achievement for America's farmers, ranchers and agribusinesses," USDA Secretary Tom Vilsack said Thursday. "Even with tough odds due to extreme weather, U.S. agriculture is now poised for three consecutive years of record exports, smashing all previous records and putting America's agricultural sector on pace to achieve President Obama's goal under the National Export Initiative of doubling exports by the end of 2014."

U.S. agriculture imports are also forecast to reach a record high, though, pushing the expected trade surplus down from last year. The U.S. is now forecast to import $117 billion worth of agriculture goods in FY 2013, up from $106.5 billion in FY 2012.

And that puts the expected trade surplus for next year at $26.5 billion, down from $30 billion in FY 2012 and $42.9 billion in FY 2011.

USDA forecasters said they are expecting imports to rise due to declining global prices for tropical oils, coffee and cocoa beans, sugar, and rubber

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