Farm exports forecast to jump $6 billion


cattle-exportTexas Farm Bureau | August 26, 2016

“The USDA is working to eliminate restrictions on U.S. beef exports.”

The U.S. Department of Agriculture (USDA) forecasts agricultural exports to increase by $6 billion, totaling $133 billion in the fiscal year starting Oct. 1, according to Agri-Pulse.

The increase in exports is partly due to higher exports of oilseeds and products, horticultural goods, cotton, livestock, dairy and poultry, according to the quarterly report by USDA’s Foreign Agricultural Service and Economic Research Service.

“These numbers once again demonstrate the resiliency and reliability of U.S. farmers and ranchers in the face of continued challenges,” Agriculture Secretary Tom Vilsack said in a statement. He said the projections for the next fiscal year, if realized, would be the sixth highest on record.

“Exports are responsible for 20 percent of U.S. farm income, also driving rural economic activity and supporting more than one million American jobs on and off the farm,” Vilsack said.

The USDA is working to eliminate restrictions on U.S. beef exports. Vilsack said beef exports are expected to increase to $5.3 billion in 2017, well above the $1.5 billion exported in FY 2004 after the discovery of a case of mad cow disease.

The report also projected China returning as the United States’ top export market in 2017. China’s purchases are expected to be $3.5 billion higher than the current year.

Exports of cotton, livestock, dairy and poultry products are forecast to increase. Read more…