A new forecast from the U.S. Department of Agriculture (USDA) shows that despite the growing imports of foreign agricultural products, U.S. farmers still are racking up a trade surplus with the rest of the world, and that is expected to increase even more in 2021. The Outlook for U.S. Agricultural Trade report notes the increase is primarily driven by higher exports of soybeans and corn, but livestock, poultry, and dairy exports are also forecast to be higher. USDA Chief Economist Rob Johansson runs through the 2021 U.S. agricultural export prospects for our biggest international customers.
Soybean exports are forecast up $4.2 billion from fiscal year 2020 to $20.4 billion, helped by expected strong demand from China. Corn exports are projected to be up $700 million to $9 billion on expectations of higher export volume. Livestock, poultry and dairy exports are forecast up $500 million to $32.3 billion in 2021, led by higher beef and veal, variety meat, dairy and poultry.