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Agricultural exports in the USA are forecast to drop this fiscal year due to reduced sales of soyabeans, cotton and corn, according to data from the Economic Research Service (ERS) of the US Department of Agriculture (USDA) reported by World Grain.

US exports in fiscal year 2023 were expected to drop by US$3.5bn to US$190bn from the August forecast, according to the 3 January report.

The reduction was mainly due to reductions in soyabean, cotton and corn exports that were partly offset by gains in beef, poultry and wheat sales, the ERS said.

Soyabean exports are forecast down US$2.4bn, to US$32.8bn, due to reduced production and increased competition from South America, according to the report, while grain and feed exports are projected to decrease by US$300M to US$46.2bn, with declines in corn, sorghum and rice exports partially offset by higher exports of wheat and feeds and fodders. Cotton exports were forecast down US$1bn to US$6bn, based on lower unit values and subdued demand.

The ERS noted that agricultural exports to China were forecast at US$34bn, down US$2bn from the August projection, due to lower export prospects for soyabeans, cotton, sorghum and pork, although China was expected to remain the largest market for US agricultural exports.

US agricultural imports in 2023 were forecast at US$199bn largely driven by higher imports of horticultural products, sugar and tropical products, and grain and feed products.