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US: Good economic news announced for agricultural exports
It was announced at the recently held U.S. Department of Agriculture Agricultural Outlook Forum that U.S. agricultural exports are expected to reach a record $101 billion for fiscal year 2008. If realized, that would be up $10 billion from November's forecast and an unprecedented $19 billion above 2007.
This latest forecast builds off of a record-setting string of consecutive year to year record exports since 2004. Higher wheat, coarse grain and soybean prices account for just over half of the revision since November. Based on current market conditions, bulk grains, oilseeds and cotton exports should raise $13.2 billion and account for 70 percent of the overall increase in export value for 2008, according to Agriculture Secretary Ed Schafer. Higher prices account for most of the increase, but export volumes are also higher. Coarse grains are forecast to rise 10.9 million tons and wheat should rise 2.3 million tons.
The Agriculture Department also sees further increases in high value product exports such as fresh and processed fruits and vegetables, tree, nuts, pork, beef, poultry meat and many grocery products. Exports of animal and horticultural products are forecast to raise a combined $3.5 billion in 2008 to record levels. With U.S. agricultural imports forecast at $76.5 billion, the trade surplus could top $24 billion.
Foreign economic growth continues to support gains in consumer incomes and growth in the size of the middle class, particularly in the emerging markets. These consumers tend to spend more on food as their incomes rise, including food imported from the United States. The weaker dollar makes U.S. products very price competitive compared to other supplies. At the same time, tighter competitor stocks further raise demand for U.S. wheat and corn. USDA's Foreign Agricultural Service, Economic Research Service and World Agricultural Outlook Board release agricultural forecasts quarterly. The summary and full report of USDA's Outlook for U.S. Agricultural Trade" may be accessed from the FAS Web Site and www.ers.usda.gov. The next quarterly report will be issued on May 31.
Source: theadvertiser.com
It was announced at the recently held U.S. Department of Agriculture Agricultural Outlook Forum that U.S. agricultural exports are expected to reach a record $101 billion for fiscal year 2008. If realized, that would be up $10 billion from November's forecast and an unprecedented $19 billion above 2007.
This latest forecast builds off of a record-setting string of consecutive year to year record exports since 2004. Higher wheat, coarse grain and soybean prices account for just over half of the revision since November. Based on current market conditions, bulk grains, oilseeds and cotton exports should raise $13.2 billion and account for 70 percent of the overall increase in export value for 2008, according to Agriculture Secretary Ed Schafer. Higher prices account for most of the increase, but export volumes are also higher. Coarse grains are forecast to rise 10.9 million tons and wheat should rise 2.3 million tons.
The Agriculture Department also sees further increases in high value product exports such as fresh and processed fruits and vegetables, tree, nuts, pork, beef, poultry meat and many grocery products. Exports of animal and horticultural products are forecast to raise a combined $3.5 billion in 2008 to record levels. With U.S. agricultural imports forecast at $76.5 billion, the trade surplus could top $24 billion.
Foreign economic growth continues to support gains in consumer incomes and growth in the size of the middle class, particularly in the emerging markets. These consumers tend to spend more on food as their incomes rise, including food imported from the United States. The weaker dollar makes U.S. products very price competitive compared to other supplies. At the same time, tighter competitor stocks further raise demand for U.S. wheat and corn. USDA's Foreign Agricultural Service, Economic Research Service and World Agricultural Outlook Board release agricultural forecasts quarterly. The summary and full report of USDA's Outlook for U.S. Agricultural Trade" may be accessed from the FAS Web Site and www.ers.usda.gov. The next quarterly report will be issued on May 31.
Source: theadvertiser.com
Publication date: 3/11/2008
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