U.S. agricultural exports are now forecast at $137 billion for FY 2019, down from the February outlook for them to be at $141.5 billion. This also marks the first year since FY 2016 that exports have not been at least $140 billion.
The value of U.S. agricultural imports is now put at a record $129 billion, up $1 billion from their February forecast. If realized, this would make three years in a row for record import values.
The result of the trim to exports and boost to imports is to cut the forecast U.S. ag trade surplus to $8 billion, down sharply from $13.5 billion in February. This would mark the smallest U.S. ag trade surplus since FY 2006 when it was $4.6 billion.