Source: USDA ERS, 8/26/20

U.S. agricultural exports in Fiscal Year (FY) 2021 are projected at $140.5 billion, up $5.5 billion from the revised forecast for FY 2020. This increase is primarily driven by higher exports of soybeans and corn. Soybean exports are forecast up $4.2 billion from FY 2020 to $20.4 billion, largely due to expected strong demand from China and reduced competition from Brazil. Corn exports are projected up $700 million to $9.0 billion on expectations of higher export volume. Horticultural product exports are forecast up $500 million to $35.0 billion with increasing sales of tree nuts and miscellaneous products. Livestock, poultry, and dairy exports are forecast up $500 million to $32.3 billion in FY 2021, led by higher beef and veal, variety meat, dairy, and poultry exports. Cotton exports are forecast down $400 million to $5.0 billion on smaller volume and unit values.

Agricultural exports to China are forecast at $18.5 billion, an increase of $4.5 billion from FY 2020, largely on higher expected soybean sales. Agricultural exports to Canada and Mexico are forecast at $21.0 billion and $19.3 billion, respectively.

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