U.S. Ag Export, Import Values Fell in April, Paring Trade Surplus

The value of U.S. ag exports in April declined to $11.99 billion in April, down from 12.86 billion in March, while import values edged down to $11.38 billion versus the $11.69 billion record registered for March. That pared the U.S. ag trade surplus to $612 million, marking the third time in the past four months the trade surplus has been below $1 billion.While the value of imports fell, they have been at $10 billion or more for the first seven months of Fiscal Year (FY) 2018, an unprecedented run based on USDA data back to FY 1976.This also potentially puts the just-updated USDA forecast for the value of ag imports in FY 2018 at risk. USDA May 31 boosted the forecast for ag imports to $121.5 billion. To meet that mark, imports only have to average $9.24 billion for the next five months.Import values have not been below $10 billion since a string of four months to close out FY 2017.To meet the forecast of $142.5 billion for ag exports in FY 2018, values have to have $11.13 billion the next five months.