American agricultural exports in fiscal year 2023 are projected at $184.5 billion, down $5.5 billion from the November 2022 forecast. The export forecasts for all major commodity groups are down, with the largest drops projected for corn, sorghum, and soybeans.
Corn exports are forecast $1.9 billion lower to $16.6 billion on lower volume.
Soybean exports are projected to drop by $800 million to $32 billion on lower U.S. supplies and increased Brazilian competition.
Livestock, poultry, and dairy exports are forecast to decrease by $900 million to $40.5 billion as declines in beef, poultry, and dairy exports offset increases in pork exports.
U.S. cotton exports are forecast down $100 million to $5.9 billion on lower volumes.
Ethanol exports are forecast at $3.6 billion, down $600 million on lower volumes and a reduced demand outlook.
China is forecast to remain the largest market for U.S. agricultural exports at $34 billion, unchanged from November.
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