US farm exports seen to rise in 2010

US farm exports are expected to reach by US$98 billion this fiscal year that began October 1, up $US1.4 billion from fiscal 2009 for the second-highest total, according to US Department of Agriculture.

The USDA quarterly assessment of export and import prospects reveals that "a recovering global economy is expected to boost demand for US high-value products." Improved sales are expected for livestock, dairy and poultry products, corn and cotton compared to the initial forecast in August.

Farm exports hit a record US$115 billion in fiscal 2008 and fell to US$96.6 billion in fiscal 2009 due to falling demand resulting from the global recession.

USDA sees a US$77.5 billion increase this year from US$73.4 billion in fiscal 2009. That would result in an agricultural trade balance of US$20.5 billion for fiscal 2010.