CHINA FALLS TO THIRD PLACE AS U.S. AG EXPORT MARKET, USDA SAYS
U.S. food and ag exports to China will fall by $6 billion this fiscal year in the biggest slump in sales since the Sino-U.S. trade war, forecast the Agriculture Department on Wednesday. Sales to China this year were estimated at $27.7 billion, which would be the smallest since 2020, “largely due to continued strong soybean and corn competition from Brazil,” said the USDA. Compared with FY23, year-to-date U.S. soybean and corn volume shipments to China were down 23% and 67%, respectively, while Brazil’s shipments of these commodities surged.
Mexico, already the largest source of U.S. food and ag imports, would become the largest export buyer this year, with record purchases of $28.7 billion. Canada, also with record purchases, would be second, at $28.4 billion. Overall, U.S. food and ag exports were forecast at $170.5 billion this fiscal year. Imports were pegged at $202.5 billion, the largest ever and an increase of $7.1 billion from 2023. The $32 billion trade deficit, twice as large as last year, would also be a record.
(Link: SuccessfulFarming)
AUSTRALIAN WEATHER BUREAU FORECASTS WET MONTHS AFTER DRY JUNE
Most of Australia’s main cropping regions are likely to endure a dry June but should grow significantly wetter from July, the country’s weather bureau said on Thursday. Though a dry June could worry farmers, particularly in areas such as Western Australia and South Australia that have mostly been dry in recent months, the outlook should support the country’s crop production. Planting is wrapping up in Australia’s main cropping areas in the southwest and southeast regions of the country. Analysts predict a wheat harvest of around 28-30 million metric tons in the 2024/25 season, slightly above last season’s level.
(Link: Reuters)
