Ag Imports Hit a Record in January

U.S. agricultural imports hit their highest level on record in January, nearly wiping out the sector's trade surplus for the month.U.S. agricultural exports were at $11.387 billion for January, down 6.5% from December and the lowest since September 2017, according to USDA's U.S. Agricultural Trade Data Update. Imports, however, surged to a record 11.082 billion, up 9.5% from December. U.S. agricultural imports have never been at $11 billion or more on a monthly basis, according to USDA data back to October 1975.The surge in imports also chopped the U.S. agricultural trade surplus for the month to just $305 million, the smallest since August when it was $287 million