After the February Agricultural Trade Outlook report was published, the U.S. Department of Agriculture (USDA) boosted its projections for U.S. agricultural exports for fiscal year 2014 to a record $142.6 billion.
Demand for U.S. agricultural products is expected to rise with the growing global demand. Although beef and dairy are forecast to increase, exports of livestock, poultry and dairy products are projected to be down $200 million to $31.6 billion.
The report projects corn exports to increase by $1.2 billion with strong import demand from Mexico and wheat exports to increase $600 million. China is the top market for U.S. agriculture exports with expected demand for soybeans, dried distillers grains, sorghum, tree nuts and dairy helping boost the export forecast.
Click here to view the full Agricultural Trade Outlook report.