December 2, 2010

US grain exports' value to reach record high

US grain exports are forecast at a record US$126.5 billion in fiscal year 2011, an increase of US$17.8 billion from a year ago, the Agriculture Department said on Tuesday.

The USDA increased its export estimate for 2011 by US$13.5 billion from its August forecast to reflect an increase in a range of crops including soy, cotton, wheat, and beef.

Asia accounted for more than half the increase, with China alone up US$2.5 billion. China will be the No. 2 importer of U.S. farm goods at US$17.5 billion, $500 million less than Canada.

The 2011 figure, if reached, would surpass by US$11.6 billion the prior export record set in fiscal year 2008 of US$114.9 billion.
 

"Today's forecast demonstrates that the demand for US food and agriculture around the world is stronger than ever. Sales are surging in China, Southeast Asia, North America, and the Middle East," said Agriculture Secretary Tom Vilsack.

The USDA also increased the import forecast for 2011 to a record US$85.5 billion, up from US$79 billion in fiscal year 2010, which ended on September 30.