Source: SOUTHERN FARM NETWORK, 6/2/20

USDA’s Economic Research Service now projects 2020 agricultural exports at $136.5 billion, down $3.0 billion from the February forecast, primarily due to reductions in bulk commodities. Projections for soybean exports were reduced $1.9 billion to $16.5 billion due in part to increasingly competitive Brazilian exports. Cotton exports are forecast down $1.0 billion on lower volumes and value as the COVID-19 pandemic has reduced foreign demand.

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