Farm Progress

Farm Progress America, June 7, 2024

Mike Pearson examines the agricultural trade deficit and it's growth. U.S. consumers are importing more ag goods than farmers are able to export.

June 7, 2024

Mike Pearson takes a look at the USDA forecast for major shift in buyers for U.S. agricultural goods.

China will no longer be the leader in ag imports. instead Mexico and Canada will be.

Ag exports to China will drop by $6 billion due to competition with Brazil in corn and soybeans.

Mexico is expected to become #1 in agricultural product purchases with over $27 billion.

China is expected to purchase $12.4 billion in corn and soybean purchases and wheat with over $5 purchases. Beef and pork exports are also expected to grow.

The gains in livestock and poultry are expected to balance the scales.

Imports into the USA are expected to increase to $202.5 billion due to the robust dollar and consumption.

The record U.S. trade deficit could hit $32 billion.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness.

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