Source: USDA ECONOMIC RESEARCH SERVICE, DEC, 2014

The December 2014 quarterly updates of USDA forecasts for U.S. agricultural trade in FY 2015 are presented and discussed in this report.

Fiscal 2015 agricultural exports are forecast at $143.5 billion, $9.0 billion below fiscal 2014 and down $1.0 billion from the August forecast for fiscal 2015. Most of this decline from August is a result of lower prices for bulk commodities. Grain and feed exports are forecast down $1.2 billion mostly due to declines for corn, wheat, and certain feed products. Oilseed exports are unchanged from August as lower prices for soybeans and soybean meal offset a higher expected volumes. Cotton exports are forecast down $400 million as a result of reduced global import demand and lower prices. Horticultural exports are unchanged at a record $37.0 billion. The forecast for livestock, poultry and dairy is raised $800 million to $33.7 billion on higher meat prices, especially for beef, as well as larger volumes for pork and broiler meat.  

U.S. agricultural imports are forecast at a record $116.0 billion, down $1.0 billion from  August, but $6.8 billion higher than in fiscal 2014.  

The U.S. agricultural trade surplus is forecast at $27.5 billion, down from $43.3 billion in fiscal 2014, and the smallest surplus since fiscal 2009.  

For the full report, click here.