USDA forecast

Farm income is down for the second year in a row, with receipts from corn and soybeans — the two largest field crops — off by a combined $23.5 billion from 2023 levels, but higher than expected livestock revenue is a counterweight, said the Agriculture Department on Tuesday. It estimated net farm income, a broad measure of profits, at $140.7 billion this year, down by $6 billion from last year but still the fourth-highest level on record.

U.S. farm exports will fall back to $190 billion this fiscal year, a drop of 4 percent from the record set in just-ended fiscal 2022, as economic growth slows in most countries, forecast the Agriculture Department on Tuesday. Soybeans, the No. 1 ag export, as well as cotton and corn would see the largest declines, jointly falling by 7 percent.

Thanks to high demand for American-grown corn, soybeans, and meat, U.S. farm exports will soar to a record $164 billion this year, far above the current mark of $152.3 billion, set in 2014, said the Agriculture Department on Wednesday. China, reclaiming its spot as the No. 1 customer, would account for $1 of every $5 in overseas sales.

With expectations that the coronavirus will eventually recede, U.S. farm exports will catapult to a near-record $152 billion during the fiscal year that started on Oct. 1, said the USDA on Monday. China was forecast to import a record $27 billion in fiscal 2021, ending the agricultural …

Deterred by trade war, the pandemic, and a bit of bad weather, U.S. farmers effectively chopped 1 billion bushels out of this year’s corn crop by planting far less of the crop than they had planned in early spring, USDA data indicated on Tuesday. “This was a huge acreage …