U.S. agricultural exports are projected to reach a record-breaking $164 billion in the financial year 2021.
The U.S. Department of Agriculture noted the record high represents a $28 billion, or 21%, increase from the previous fiscal year 2020, and a $7 billion increase from the February forecast. The previous export record of $152.3 billion was set in financial year 2014.
Soybean export volumes are forecast at record levels because of surging demand from China, and the USDA projects exports of $28.9 billion, up $1.5 billion from the February estimate.