In February, USDA had forecast ag exports at $125 billion against imports of $118.5 billion for a surplus of $6.5 billion.
On the export side, USDA raised their outlook for grain and feed exports to $27.7 billion, up $500 million from February on "larger wheat and corn volumes and higher unit values for corn and sorghum."
USDA also increased oilseed and product exports to $26.1 billion, a $700 million increase. But those increases were more than offset by a $100 million reduction for cotton exports; livestock, poultry and dairy also are projected down $300 million; and the biggest decline is a $1.2 billion reduction in horticultural product exports.
On the horticultural products, USDA noted, "This is the second consecutive quarter-to-quarter downward revision and the total would be the first year-over-year decline since Fiscal 2009. This reduction is mainly due to sharply lower unit prices of pistachios and walnuts, as well as reduced almond shipments to the EU and China."
As for imports, USDA cut the outlook $3.7 billion, to $114.8 billion, "mostly from a decline in tropical products."