Imports of ag products rose to $12.102 billion, a
new monthly record and first time that the value of imports cleared $12
billion.
This resulted in a trade deficit of $865 million
which would be the first monthly trade deficit for agriculture since
May 2017 when it was $46 million. The April figure would also be the
biggest monthly trade red ink on record. This also marked the fifth
consecutive month with the surplus being less than $1 billion with that
mark being exceeded only four times since January 2018.
This fits with historical patterns where the biggest readings on imports typically has come in the March-May timeframe.
The April data puts FY 2019 ag exports at
$81.188 billion against imports of $77.252 billion for a cumulative
surplus of just $3.936 billion.
USDA May 30 lowered its expectation for FY 2019
ag exports to $137 billion against imports forecast at a record $129
billion for a trade surplus of $8 billion.