Bulk commodity prices pull down U.S. agricultural export forecast

Fiscal 2015 U.S. agricultural exports are forecast at $143.5 billion, $9.0 billion below fiscal 2014, primarily because of the outlook for lower bulk commodity prices. Grain and feed sales are forecast down 18 percent from fiscal 2014 as lower prices, as well as reduced volumes, reduce the value of corn and wheat exports. Lower prices are expected to reduce oilseed and product exports by 15 percent, despite the outlook for larger export volumes. In contrast, horticultural product exports are forecast to grow 11 percent to $37 billion, making them the largest category of U.S. agricultural exports for the first time. Livestock products are also forecast to grow about 3 percent in fiscal 2015, primarily due to higher meat prices. The trade outlook indicates a decline in U.S. agricultural exports across global regions. Lower prices are expected to reduce the value of exports to China, the largest U.S. agricultural market, by about 7 percent to $24.0 billion. Sales to Canada, the second largest U.S. market, are forecast to hold steady at about $21.8 billion, while sales to Mexico slip about 4 percent to $18.7 billion. Find additional analysis in Outlook for U.S. Agricultural Trade: December 2014.

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