U.S. agricultural exports in fiscal year (FY) 2021 are projected at $164.0 billion, up $7.0 billion from the February forecast, led by increases in corn, soybeans, and livestock, poultry, and dairy products.
Corn exports are forecast $3.2 billion higher to $17.2 billion due to record volume and higher unit values, driven by strong demand and reduced competition. Soybean exports are projected up $1.5 billion to $28.9 billion as volumes are forecast at record levels and demand from China remains strong. The forecast for horticultural exports is reduced by $400 million to $34.1 billion due to lower tree nut unit values.
In FY 2021, horticultural product exports are lowered $400 million from the February forecast to $34.1 billion. Whole and processed tree nuts are cut $400 million to $8.6 billion. Record almond, walnut, and pistachio supplies have pressured unit values lower, more than offsetting higher overseas demand from top markets Europe and Asia. Fresh fruit and vegetable exports are unchanged at $6.9 billion on stable shipments to top markets Canada and Mexico. Processed fruits and vegetables are unchanged at $6.5 billion on steady shipments to Canada.
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