Ag exports will be up for many commodities in 2014
Exports to China will be up $1 billion to $21.5 billion from the initial August forecast, with soybeans being a major contributor to that trend. However, that total is down from the $23.5 billion in 2013. Wheat shipments will fall due to less demand for imported wheat, and cotton exports to china will be down. USDA says China is the second largest buyer of US agricultural exports behind Canada. Canada will be buying $21.6 billion worth of farm commodities, a $100 million increase from 2013 based on higher pork prices.
The US will be importing $109.5 billion in food commodities, up $5.7 billion from 2013. While that is based on an improvement in the US economy, it means agriculture maintains its positive trade balance with a difference of $27.5 billion. However, that is the least since 2009, when it was $22.9 billion. The trade surplus hit a $42.9 billion high in 2011.
Agricultural exports continue to be important to the overall value of commodities, as well as to the overall US trade picture. Most Cornbelt commodities will see higher volumes and values being shipped abroad in 2014, except for wheat which will be lower on both value and volume. Canada is the top customer for agricultural exports, but only by $100 million over second place China.
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