2021 Farm Exports to China Will Approach Record
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The value of U.S. farm exports to China will touch $31.5 billion in the federal fiscal year ending Sept. 30, the highest ever, the U.S. Agriculture Department said Feb. 18 in a report.
The department raised its estimate 17% from November, citing a surge in shipments and sales in the quarter from October through December, most notably in corn.
“We see new opportunities around the globe, and we expect better sales almost everywhere we turn,” Jason Hafemeister, a USDA trade official, said in a presentation Feb. 18. “Look at China just blowing off the chart.”
China has been scooping up American crops at the fastest pace in decades to feed a rapidly expanding hog herd. That’s fueled a rally in crop prices, with futures prices for corn and soybeans reaching multiyear highs in Chicago. The Asian nation will remain the largest U.S. agricultural market this year, followed by Canada and Mexico.
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