Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Farm Exports Seen at Record on High-Priced Tight U.S. Supplies

Don't Miss Out —
Follow us on:

Feb. 21 (Bloomberg) -- U.S. farm exports will rise to a record this fiscal year as overseas buyers pay more for tight supplies of crops damaged by the worst drought since the 1930s, the government said.

The value of shipments will increase to $142 billion in the year ending Oct. 1, Joe Glauber, the chief economist at the U.S. Department of Agriculture, said today in a speech at the agency’s annual outlook forum in Arlington, Virginia. The forecast is down from $145 billion projected in November. Exports for the previous year totaled $135.8 billion, the USDA said.

China will be the biggest customer for U.S. farm products for a second straight year, with a projected $22 billion in purchases, mostly soybeans and cotton, the USDA said.

The bulk of the sales will be made before this year’s harvests, which will be larger than last year’s and ease strain on crop inventories, Glauber said. Farmer net income will be a record $128.2 billion in 2013 as growers rebuild drought-depleted inventories, the USDA said last week.

The department will update its agricultural trade estimates in May.

To contact the reporters on this story: Alan Bjerga in Washington at abjerga@bloomberg.net; Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.