New data shows U.S. ag exports are up in the first quarter of 2022, compared to last year. Micheal Clements shares more on the top ag product destinations so far this year.
Clements: The U.S. Census Bureau this week released first quarter 2022 trade data. Veronica Nigh, American Farm Bureau Federation Senior Economist, says U.S. ag exports are up nearly 13 percent compared to a year ago.
Nigh: But, if you're like me, you're probably wondering how much inflation is contributing to that increase. So, after adjusting for inflation, 2022 year-to-date exports are up four percent by value compared to the same period last year. However, when we look at export volumes, the story isn't quite as rosy; export volumes year to date are actually down four percent compared to the same period last year.
Clements: Nigh says many are closely watching the global supply of corn and wheat.
Nigh: Despite the estimation that Ukraine's ‘22-23 wheat export volumes will be down nearly 50 percent because of war, and U.S. wheat exports are projected to be down four percent due to drought, USDA is actually projecting that global wheat exports will be up a little bit this year. That's mainly based on increased volumes out of Russia. So far, 2022 wheat exports out of the U.S. are weaker than a year ago, U.S. export volumes of corn are estimated down in the current marketing year, mainly related to higher prices.
Clements: Beyond corn and wheat, Nigh says other U.S. products are enjoying increased exports.
Nigh: U.S. ethanol exports are up 67 percent in January through April of 2022 compared to a year ago. Soybean oil is up over 50 percent, that's likely a result of folks choosing soybean oil as a substitute for sunflower seed oil which is a major export crop out of Ukraine and Russia. Cotton is also up over 50 percent by value, beef and beef products are up also over 38 percent compared to the same point last year.
Clements: Micheal Clements, Washington.
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June 10, 2022 at 01:16AM
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New Trade Data Shows US Ag Exports Higher in 2022 - Farm Bureau News
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