In an updated report, the U.S. Department of Agriculture (USDA) increased its forecast for agricultural exports for fiscal year 2014 by $2 billion to a total of $137 billion from its last estimate in August. The updated forecast is still $3.5 billion below last year’s record agricultural export value. Grain, feed, and cotton export values have been adjusted downward, however oilseed and livestock exports drove total export values higher. The majority of the increased forecast is accounted for by a $2.4 billion increase in projected oilseed exports to a total of $28.8 billion based on improved yields and raised oilseed unit values due to strong demand and current price trends. Livestock, poultry, and dairy export estimates were raised $700 million to a record $31.8 billion. Pork is forecast to be $500 million more than previously thought at $5.5 billion on high demand from Mexico and Asia. Dairy increased $300 million to $5.9 billion, and beef projections increased $100 million to a total of $5 billion on high demand and tight supply. The top destinations for U.S. products were Canada ($21.6 billion), China ($21.5 billion), Mexico ($18.6 billion), Japan ($13.1 billion), and the EU ($10.1 billion). The USDA also increased its projections for agricultural imports to a record $109.5 billion – a $3.7 billion decrease from its August forecast but still $5.7 billion higher than fiscal year 2013.
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