US Agri exports seen to go up by $1.0B to $140.0B next year
Fiscal Year 2018 agricultural exports of the United States are projected at $140.0 billion, up $1.0 billion from the August forecast, largely due to expected increases in corn and distiller’s dried grains with solubles (DDGS).
Based on a data from US Department of Agriculture (USDA), higher corn volumes and unit values and strong demand for DDGS are largely responsible for driving grain and feed exports up $1.0 billion to $29.4 billion.
Soybean export volumes also continue to set records, raising the soybean forecast by $200 million to $24.1 billion, which offsets expected declines in soybean meal and oil. Cotton exports are up $300 million on higher volumes and unit values.
To date, Philippines currently imports Soybean from the US.
As for US agricultural imports in fiscal year 2018, it is seen to amount to $117.0 billion, up $1.5 billion from the August forecast.
This is due largely to expected increases in imports of animal products.
The US agricultural trade surplus is likewise expected to decline by $500 million to $23.0 billion in fiscal 2018.