USDA raises 2021 export projections
The USDA has raised its latest export projections for fiscal year 2021.
University of Missouri ag economist Scott Brown said that’s in large part due to corn and soybeans.
“Total ag exports at $152 billion, they revised upward their estimate from their August forecast by $11.5 billion,” he said. “So, growth in overall ag exports. However, that’s primarily corn and soybeans.”
He tells Brownfield USDA left estimates for livestock and dairy basically unchanged.
And Brown says there are negative implications for livestock producers. “Higher corn and soybean exports gets us higher feed costs and so, from a livestock perspective, probably not anything that we want to get too excited about,” he says.
He says rising feed costs will put additional pressure on the bottom line for livestock producers, and they should be considering risk management strategies for the upcoming year.
Pork export values are projected to decline $200 million, largely due to slowing demand from China and while the volume of beef exports is expected to decline, strong prices are expected to increase export value.