USDA: 2020 ag export forecast down $3 billion amid pandemic ‘shock’

Citing the economic impact of the pandemic, the Agriculture Department this month lowered its forecast for total U.S. agricultural exports in fiscal year 2020 by $3 billion. For October 2019 through September 2020, the department estimates U.S. agricultural exports will total $136.5 billion, a May 29 outlook report says. USDA said its last forecast, issued in February, was lowered by $3 billion “primarily due to reductions in bulk commodities including soybeans, cotton, corn, and wheat.” “The COVID-19 outbreak has created...