OTTAWA: The USDA is expecting Canada to return as the largest American agricultural trade export market next year.
The department predicts U-S agricultural exports to China will be down 2 billion from fiscal 2015, primarily because of lower soybean values.
It’s forecasting a record 122 point 5 billion dollars worth of agricultural imports in the 2016 fiscal – 7 billion dollars more than fiscal 2015.
The department’s overall outlook forecasts the value of U-S agricultural exports for 2016 will be 1 billion dollars lower than for fiscal 2015.
Lower expected soybean and soybean meal prices and reduced export volumes are cited as the main reason for that drop.
The forecast is calling for higher exports of grain, feed, livestock, poultry and dairy products.
According to the USDA, the American agricultural trade surplus will fall to 16 billion dollars in 2016 – the smallest surplus since 2007.
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